Several leading ASX shares have been hit hard recently. WiseTech Global Ltd (ASX: WTC), REA Group Ltd (ASX: REA) and Aristocrat Leisure Ltd (ASX: ALL) have fallen between 30% to 60% over the past six months.
This is in sharp contrast to the S&P/ASX 200 Index (ASX: XJO), which has slipped just over 1% in the same period.
That disconnect raises an important question: has the sell-off gone too far? And could these industry leaders be set for a long-term rebound?
Analysts still rate the 3 ASX shares as buys and think they could be worth holding for the next decade.
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WiseTech Global
WiseTech has been one of the hardest hit ASX shares in the past 6 months. The logistics software company has seen its share price tumble sharply with 55% to $44.60 at the time of writing.
WiseTech's CargoWise platform is deeply embedded in global supply chains. This creates high switching costs and a strong competitive moat. Once customers are on the system, they are unlikely to leave.
The tech business also benefits from a scalable software model. As more customers join, margins can expand and earnings can grow rapidly over time.
Recent concerns around governance and the potential impact of artificial intelligence on software businesses have weighed on sentiment. The company is also undergoing restructuring, which adds uncertainty in the short term.
Despite the volatility, brokers remain bullish. The stock carries buy ratings, with an average price target of $85.10, implying around 90% upside from current levels.
REA Group
REA Group, the operator of realestate.com.au, has also pulled back despite its dominant market position. The ASX share has slipped 30% in the past 6 months.
REA is the clear leader in Australia's online property listings market. Its platform benefits from powerful network effects, as buyers and sellers naturally gravitate to the largest marketplace.
The company also has strong pricing power and generates high-margin, recurring revenue from listings and subscriptions.
The property market is cyclical. Slower housing turnover or weaker listings volumes can impact revenue growth. International expansion also carries execution risk.
Analysts remain confident in REA's long-term growth. The stock holds buy ratings, with an average price target of $217.62, suggesting around 34% upside.
Aristocrat Leisure
Aristocrat has also come under pressure, despite solid underlying performance. The ASX share has tumbled 35% to $44.89 over 6 months.
The gaming giant operates across both land-based machines and digital platforms. This diversification allows it to capture growth as the industry shifts online.
Aristocrat also has global scale, a strong content library, and resilient earnings streams, particularly from its digital segment.
Gaming revenue can be sensitive to economic conditions, while regulatory changes remain an ongoing risk. Currency fluctuations can also impact reported earnings.
Even after recent weakness, brokers remain positive. The stock carries buy or strong buy ratings, with an average price target of $66.47. This points to a potential 48% upside over 12 months.
Foolish Takeaway
WiseTech, REA Group, and Aristocrat have all faced sharp selloffs that far exceed the broader market.
But these are not struggling businesses. They are industry leaders with strong competitive positions and long-term growth potential.
With analysts still firmly in the bullish camp on all 3 ASX shares, the recent pullback could offer long-term investors a chance to buy quality at a discount. And potentially hold through to 2036 and beyond.
