The market has taken a beating in recent weeks, and while some of the selling may be justified, there are always a few high-quality ASX shares that get unfairly dragged down with the rest.

These are the moments long-term investors wait for — when oversold shares of great businesses offer entry points too good to ignore.

Right now, three standouts have seen their share prices fall well below recent highs — despite continuing to deliver a strong underlying performance. Here's why analysts think they could be bargain buys:

Pro Medicus Ltd (ASX: PME)

Down over 30% from its 52-week high

It is not often that one of the ASX's most respected healthcare tech companies trades at this kind of discount to its high. Pro Medicus — the medical imaging software company behind the market-leading Visage 7 platform — has been sold off in recent weeks as part of a broader tech shakeout.

But its fundamentals remain extremely strong. The company continues to win major hospital contracts in the US, boasts strong profit margins, and has zero debt. Its growth is underpinned by global digitisation in healthcare, and it is even expanding its AI capabilities through research partnerships like the one recently signed with UCSF.

This is a business that has historically been priced for perfection — and while it is still not cheap by traditional metrics, the recent share price pullback could be a golden opportunity for those who believe in its long-term mission.

Bell Potter has a buy rating and $280.00 price target on its shares.

Lovisa Holdings Ltd (ASX: LOV)

Down ~40% from its 52-week high

If you're after a rare combination of global expansion and retail flair, Lovisa stands out as an ASX share to buy.

The fast-fashion jewellery retailer has built a growing empire of stores across Australia, the US, Europe and beyond — all while maintaining impressive returns on capital and tight control of its vertically integrated model.

Recent share price weakness appears to reflect broader market nerves, tariff concerns, and CEO transition uncertainty, rather than anything fundamentally broken with the business. Sales momentum remains solid, and the brand continues to roll out stores into large untapped markets.

Morgan Stanley appears to see this as a buying opportunity. Earlier this month, its analysts put an overweight rating and $31.50 price target on Lovisa's shares.

Universal Store Holdings Ltd (ASX: UNI)

Down 22% from its 52-week high

Universal Store is another under-the-radar retailer that's quietly executing a strong growth plan. The youth-focused fashion business continues to gain market share while expanding its footprint across Australia.

The team at Macquarie remains bullish, citing its strong brand loyalty, store rollout potential, and impressive cash generation as reasons to buy.

The broker recently named it as one of its best small to mid cap picks with an outperform rating and $9.80 price target.