Four heavyweight S&P/ASX 50 Index (ASX: XFL) shares have been hammered over the past 12 months, falling between 30% and 60%.
Each ASX 50 share has faced different challenges, but with brokers still seeing substantial upside in several names, investors may be wondering whether the sell-offs have gone too far.
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Xero Ltd (ASX: XRO)
The Xero share price has taken a beating, but the business itself continues to grow at a healthy pace. This ASX 50 share delivered FY26 operating revenue of NZ$2.75 billion, up 31%, while annualised monthly recurring revenue jumped 37% to NZ$3.27 billion.
Xero added 506,000 customers during the year, taking its global base to 4.92 million. Management expects another strong year, with FY27 revenue guidance of NZ$3.62 billion to NZ$3.73 billion, implying around 30% growth at the midpoint.
There also appears to be plenty of runway, with Xero previously estimating a total addressable market of around 100 million small and medium-sized businesses.
Brokers remain divided. Citi has a buy rating and $113.60 target, while Morgan Stanley sees $130 and UBS $127. Ord Minnett and Morgans have targets of $110 and $111 respectively. RBC Capital and Jefferies are more cautious, with targets of $85 and $77.
WiseTech Global Ltd (ASX: WTC)
Few ASX 50 shares have experienced a more dramatic rollercoaster than WiseTech. Its shares have traded as high as $135 and as low as $28.76, representing an almost 80% peak-to-trough decline.
At around $37.57 at the time of writing, the stock remains close to its lows after falling approximately 60% over 12 months.
Yet the underlying business continues to grow. WiseTech reported a 46% increase in EBITDA to US$558.4 million for FY26, broadly within its guidance range.
Brokers appear considerably more optimistic than the share price suggests. Macquarie has an outperform rating and $48.20 target, while Citi and UBS have buy ratings with targets of $58.75 and $56 respectively.
Pro Medicus Ltd (ASX: PME)
AI concerns helped hammer this ASX 50 share, but the underlying numbers remain impressive.
Pro Medicus delivered FY26 revenue growth of 22.9% to $261.7 million, while underlying EBIT and NPAT rose 24.4% and 24.1% respectively.
Its Visage imaging software is already used by major healthcare systems across North America, yet management estimates it has captured only around 11% of the US market.
Citi has a buy rating and $225 target, implying around 34% upside. Barrenjoey has a buy recommendation with a $210 target, while JPMorgan is more cautious with a hold rating and $211 target.
REA Group Ltd (ASX: REA)
REA Group has also been under pressure, with this ASX 50 share trading around $168, well below its 52-week high of $242.81.
FY26 revenue increased 7% to $1.79 billion, although net profit fell 19%, partly due to an impairment relating to REA India.
The bigger concern is FY27, with REA warning that new national buy listings could be flat to down by low single digits.
Still, several brokers see value. Morgan Stanley has a $230 target, which points to a 37% upside. This is followed by Ord Minnett at $225 and Morgans at $203. RBC, Jefferies and UBS have targets ranging from $177 to $197.
Macquarie is more cautious at $170, while Bell Potter has a sell rating and $147 target. This suggests a potential loss of 12% at the current share price level.
