When share prices fall sharply, it can sometimes reflect short-term concerns rather than long-term fundamentals.
That can open the door for investors that are willing to look beyond the immediate noise and focus on the long-term opportunity.
With that in mind, here are three ASX shares that have pulled back and could be worth a closer look if you have $10,000 to invest:
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Accent Group Ltd (ASX: AX1)
Accent shares have been under pressure and are down 66% over the past 12 months.
The company owns and operates a range of footwear and apparel brands, with a large store network across Australia and New Zealand. Like many retailers, it has faced softer consumer conditions following interest rate increases.
That has weighed on sentiment, but the underlying business remains active. Accent continues to expand its store footprint and build out its brand portfolio, which includes both owned and licensed labels.
Retail conditions can shift quickly, and any improvement in consumer spending could support a recovery in its performance.
Cochlear Ltd (ASX: COH)
Another ASX share that has experienced a significant pullback is Cochlear.
It is a global leader in hearing implant technology, with products used in multiple markets around the world.
Its shares are down 65% over the past 12 months, with a good portion of this coming this month following a poor update.
Cochlear downgraded its FY 2026 underlying net profit guidance range to $290 million to $330 million (from $435 million to $460 million). Management revealed that this was due to softer trading in developed markets, which is being driven by hospital capacity constraints and a decline in referrals from the hearing aid channel.
While this was disappointing, it doesn't change the longer-term picture. Demand for hearing solutions is being supported by ageing populations and increasing awareness.
In addition, Cochlear continues to invest in research and development, maintaining its position at the forefront of its field.
So, with strong market positioning and long-term demand drivers, this could be an ASX share to buy while it is down.
Temple & Webster Group Ltd (ASX: TPW)
Temple & Webster shares are also down around 65% over the past 12 months.
It operates an online furniture and homewares platform, benefiting from the gradual shift toward ecommerce in its category.
Spending on home-related items can be cyclical, influenced by housing activity and broader economic conditions. This can lead to periods of volatility in both performance and share price, especially when interest rates increase.
Despite this, the long-term trend toward online retail remains in place and Temple & Webster is positioned to capture a larger share of the market. This could make it an ASX share to buy for patient investors.
