I think it is fair to say that the ASX has been under heavy pressure in 2026.
Growth shares have been hit particularly hard, as concerns around artificial intelligence (AI) disruption, rising interest rates, and global uncertainty have driven a sharp selloff.
Here are three ASX shares that are being unfairly punished by the market and analysts think could rebound strongly.
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Megaport Ltd (ASX: MP1)
The first ASX share that has seen a steep decline is Megaport.
The network-as-a-service provider has been caught up in the broader tech selloff, with its shares down over 40% this year. However, the company continues to operate in a market supported by long-term demand for cloud connectivity and data infrastructure.
Megaport's platform allows businesses to connect to cloud providers quickly and flexibly, which is becoming increasingly important as digital transformation accelerates. It has also expanded its addressable market and offering with the recent acquisition of Latitude.sh.
While growth stocks have been de-rated due to higher interest rates, the underlying need for scalable and efficient network solutions remains strong. If the company continues to execute, the current weakness could prove to be an overreaction.
Morgans remains very positive and has a buy rating and $16.00 price target on its shares. This implies potential upside of almost 120% for investors from current levels.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX share that appears to have been hit too hard is Temple & Webster.
Its shares have fallen significantly from their highs, but the company continues to report strong revenue growth and increasing market share in the online furniture and homewares space.
The business is benefiting from a capital-light model, strong brand recognition, and a growing base of repeat customers. It is also expanding into new areas such as home improvement and commercial sales.
Despite these positives, concerns around consumer spending and AI disrupting ecommerce have weighed on its valuation.
Macquarie thinks this is a buying opportunity. It recently put an outperform rating and $13.70 price target on its shares. This is double its current share price.
WiseTech Global Ltd (ASX: WTC)
A final ASX share that could be worth a closer look is WiseTech Global.
The logistics software company has also been caught in the selloff, with its shares down sharply despite continuing to expand its global footprint. This has been driven by a combination of AI disruption concerns, business model changes, and CEO controversies.
But WiseTech's CargoWise platform is deeply embedded in global supply chains, offering mission-critical software that helps logistics providers manage complex operations. This creates high switching costs and supports recurring revenue, which are attractive qualities for long-term investors.
Morgans has a buy rating and $83.60 price target on its shares. This is also more than double its current share price.
