S&P/ASX 200 Index (ASX: XJO) shares are down 0.4% to 8,756.1 points on Friday.
The benchmark has drifted 5.5% lower since its record high of 9,296.7 points on 6 August.
Private client advisor Dianne Colledge from Morgans says low consumer confidence and sticky inflation are weighing on sentiment.
Amid the weakness, brokers have indicated continued confidence in several ASX shares this week.
Let's take a look.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is $40.83, up 2% today.
This ASX 200 bank share has lifted 6% over the past month.
Jefferies reiterated its buy rating on NAB shares on Tuesday.
The broker lowered its 12-month price target from $45.71 to $46.08.
This implies potential capital gains of 13% ahead.
CSL Ltd (ASX: CSL)
The CSL share price is $195.62, down 0.3% today.
Over the past month, this ASX 200 healthcare share has risen 9%.
Morgan Stanley renewed its buy rating on CSL shares today.
The broker has a 12-month price target of $200.
This suggests a potential 2% upside ahead.
Maas Group Holdings Ltd (ASX: MGH)
The Maas Group share price is $3.54, down 6.8% today.
Over the past month, this ASX industrials share has tanked 45% due to the Firmus float flop.
Morgans renewed its buy rating on Maas Group shares on Tuesday.
The broker slashed its price target from $7.75 to $5.90.
This implies potential capital growth of 67% over the next year.
BHP Group Ltd (ASX: BHP)
The BHP share price is $55.16, down 3.5% on Friday.
Over the past month, this ASX 200 mining share has fallen 11%.
Morgan Stanley renewed its buy rating on BHP shares on Wednesday.
The broker has a 12-month price target of $69.
This suggests a potential 25% upside ahead.
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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is $246.47, down 1% today.
Over the past month, this ASX financial share has risen 2%.
Morgan Stanley renewed its buy rating on Macquarie shares on Tuesday.
The broker has a $273 target, implying a potential 10% upside ahead.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is $8.41, down 0.5% today.
This ASX travel share has fallen 8% over the past month.
UBS reiterated its buy rating on Qantas shares on Monday.
The broker shaved its 12-month target down from $11.60 to $11.40.
This implies a potential 35% upside ahead.
The post 6 ASX shares experts are backing amid the market downturn appeared first on The Motley Fool Australia.
Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Jefferies Financial Group, and Macquarie Group. The Motley Fool Australia has recommended BHP Group, CSL, and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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