ASX stocks picks: Bell Potter, Wilsons reveal Lovisa, James Hardie, WiseTech among the buys after sharemarket crash

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France Dernières Nouvelles,France Actualités

Analysts are hunting among the rubble of this week’s sharemarket crash, which they say has created an opportunity to snap up some growth and cyclical stocks at bargain prices.

Already a subscriber?Brokers are telling clients to pounce on “oversold” ASX-listed companies like James Hardie, Lovisa, and WiseTech after the meltdown in global equity markets this week created a tantalising buying opportunity.in the worst two-day rout since the outbreak of COVID-19 in 2020, fuelled by US recession fears and a rapid unwinding of the Japanese yen carry trade.

“The sell-off has the potential to offer up attractive buying opportunities in high quality ASX companies that have been fundamentally oversold.” Meanwhile, recent trading updates from ASX-listed retailers have revealed that domestic consumers remained surprisingly resilient heading into the August reporting season.

Bell Potter has told clients that the growing likelihood of a jumbo half-point rate cut in the US next month should significantly alleviate market concerns in the near term which made the broker constructive on equities over the next 12 months.Bell Potter strategist Rob Crookston said there was a number of high-quality, large-cap ASX stocks that look oversold following the pullback.

Bell Potter’s top pick is Wisetech Global, which has plunged 12 per cent over the past week to $85, far below the broker’s target price of $100. Mr Crookston also highlighted Xero and Telix Pharmaceuticals which are both down around 8 per cent over the same period.Like Wilsons, Bell Potter also underlined quality cyclical shares that were oversold given its expectation that the US will achieve a soft landing, and rate cuts will support economic growth.

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France Dernières Nouvelles, France Actualités