It hasn't been an easy six months for these two popular S&P/ASX 200 Index (ASX: XJO) shares.
Both NextDC Ltd (ASX: NXT) and Aristocrat Leisure Ltd (ASX: ALL) have shed close to 30% of their value.
That's a sharp pullback. But it could also be an opportunity.
Both ASX 200 shares are backed by strong long-term growth trends. And brokers are tipping meaningful upside from here.
So, are these buy-and-hold-for-a-decade stocks?
Let's take a closer look.
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NextDC
NextDC sits right at the centre of the digital economy.
The company develops and operates data centres across Australia. These facilities power cloud computing, artificial intelligence, and enterprise IT systems.
As businesses shift online and AI adoption accelerates, the need for secure, high-performance data infrastructure is exploding. That puts this ASX 200 share in a prime position.
Key strengths are strong long-term demand tailwinds, a growing pipeline of projects and strategic locations in key metro markets.
The company also benefits from long-term contracts with major customers. That provides visibility on future revenue.
But there are risks.
NextDC is capital intensive. Building data centres isn't cheap. That means ongoing investment and pressure on short-term earnings.
Valuation has also been a sticking point in the past. Even after the recent drop, some investors remain cautious.
What do analysts think?
Morgans is firmly in the bullish camp. It has a buy rating and a $20.50 price target on the ASX 200 share. That implies around 66% upside over the next 12 months.
The broader consensus is similar, with an average target of $20.84. Even more striking, the most bullish analyst sees upside of up to 150%.
That's a big call — and it shows the level of conviction in the long-term story.
Aristocrat Leisure
Aristocrat is a global gaming powerhouse.
The company develops gaming machines and digital games, with a strong presence in both land-based casinos and online platforms.
Its secret weapon? Content.
Aristocrat consistently delivers high-performing games that keep players engaged. That drives recurring revenue and strong margins.
Strengths of the ASX 200 gaming stock include its global footprint, market leadership in slot machines, and fast-growing digital segment. The shift toward online gaming is a major tailwind.
The company also generates strong cash flow, giving it flexibility to invest and return capital to shareholders.
But again, there are risks.
Gaming is a competitive industry. Trends can shift quickly, and success depends on continually producing hit content.
Regulation is another factor. Changes in gambling laws can impact growth in key markets.
Still, analysts remain upbeat on the ASX 200 share.
UBS currently has a buy rating on Aristocrat shares, with a $69.00 price target. That suggests around 50% upside from current levels.
The bottom line
NextDC and Aristocrat have both been knocked down in recent months.
But the long-term growth stories of the two ASX 200 shares remain intact.
One is riding the data and AI boom. The other is capitalising on global gaming demand.
Neither is risk-free. Both require patience.
But for investors thinking long term — and willing to hold through volatility — these two ASX 200 shares could be worth buying and holding all the way to 2036.
