Qantas Airways Ltd (ASX: QAN), Macquarie Group Ltd (ASX: MQG), and Xero Ltd (ASX: XRO) shares have all come under pressure at some point this year.
But what can we expect from the shares going forward?
Here's what the experts think.
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Buy Qantas shares
The ASX 200 airline shares were smashed lower earlier this year as conflict in the Middle East and rising fuel prices put airlines under pressure.
Jet fuel (refined from crude oil) is the highest operating cost for airlines. Given Australia imports more than 90% of its refined fuel, its local prices track global oil prices and currency movements.
That means that when oil prices rise due to tight supply or geopolitical tensions, jet fuel prices also rise. This means that airlines, such as Qantas, face higher operating costs, which can pressure profits and potentially weigh on their share prices.
Despite the headwinds, Qantas shares staged an impressive comeback through June. Conflict in the Middle East has ramped up over the past couple of weeks, but this hasn't caused a share price crash, but rather a share price softening.
Robust domestic and international travel demand has helped the aviation giant's shares maintain some level of stability. And signs that inflation and cost-of-living is improving has also likely supported the stock.
It looks like Qantas shares could keep flying higher too. TradingView data shows the majority (12 out of 13) have a buy or strong buy rating on the shares. The $11.76 target price implies a potential 12% upside over the next 12 months, at the time of writing.
Buy Macquarie shares
Macquarie shares were the worst performers among ASX bank stocks in July. But the stock ended the month roughly flat. Through most of the year so far the ASX bank stock has performed strongly, rallying strongly in April and sitting close to an all-time high at the time of writing.
In July, the company had its AGM, posted its first-quarter FY27 update and announced that Shemara Wikramanayake will retire in November, with Greg Ward to take over the top job.
Macquarie described trading conditions during the first quarter as "satisfactory". Its Banking and Financial Services segment increased its profit contribution compared with the same period last year. Deposits rose by 4% during the quarter, while home loans grew by 6% and business banking loans increased by 3%.
The news was well-received by the market, and came off the back of the company's positive earnings result back in May.
Brokers are still bullish on Macquarie's shares. TradingView data shows the majority (nine out of 15) have a buy or strong buy rating on the shares. However, the $262.77 target price implies a small 5% upside at the time of writing.
Buy Xero shares
Xero shares have nosedived over the past year, hitting a seven-year low of $61.58 in late July. At the time of writing, there has been around a 16% rebound from that dip, but it barely makes a dent in the amount of losses shed over the past 12 months.
It's been a difficult year for the ASX 200 tech stock after a sector-wide sell-off saw its share price plunge. There were also concerns that some tech shares were trading above fair value after a sector-wide rally in late 2025.
But analysts haven't given up hope. And they all point to strong potential for share price growth for Xero going forward.
The company benefits from an incredibly sticky subscription base and high customer retention rates. This means its revenue is relatively predictable.
As a relatively small market player, it also has a lot of growth potential.
TradingView data shows that most analysts (13 out of 15) have a buy or strong buy rating on the shares. They tip an upside of around 80% to an average target price of $127.76, at the time of writing.
