8 ASX names Macquarie says are ready to run in a rebound (plus a “least preferred” stock)

The equity gods may have cast rainy days over the Australian sharemarket, but Macquarie encourages investors not to despair - rather, to prepare for opportunity.

Market Index data shows the ASX 200 is down over 5% from its 21 October record high and was within a whisker of a five-day losing streak. It also briefly touched its 200-day moving average for the first time since late April.

But, for patient investors, bad news is good news. Right?

In a report published yesterday, Macquarie's analysts point to the positives.

"We remain positive on the growth outlook and equities into 2026. Australia's consumer is the most optimistic in years, while business conditions are improving. Ex-US global momentum is still strong and global easing continues," they write.

Stronger growth has caused some indigestion for equities as RBA cuts have been priced out, and a similar dynamic is occurring globally. But stronger growth is generally good for markets.

"We think we are in a correction, as leading indicators are improving. That said, another Fed cut would help stocks regain momentum," Macquarie says.

Another additional factor is that the ASX annual general meeting (AGM) season has seen net guidance upgrades, a key signal for improving economic activity.

Why do markets feel strange right now?

If the market feels strange, Macquarie says it’s because we’ve entered what they call a “style bizarro world.”

Over the past six months, their analysts observe:

In other words, investors have been backing unprofitable companies, value traps and speculative growth, while traditional quality and growth names have lagged badly.

It’s the kind of short-term distortion that echoes the famous phrase: "In the short term, the market is a voting machine; in the long term, it’s a weighing machine."

And Macquarie’s view is firm:

“This won’t last.”

Historically, when these anomalies unwind, companies in the sweet spot of low risk and good value lead the recovery. But before that happens, Macquarie sees a different group of stocks as best placed for the rebound.

Macquarie’s top picks for the post-correction rebound

Macquarie believes the ASX is close to support near the 200-day moving average, with the next move higher likely to favour companies dragged down by the selloff but supported by positive earnings momentum.

“If we're right that this is a correction, the ASX 200 should find more support near the 200-day (~8,500). We think a rebound could benefit stocks with momentum caused by the correction, but with recent positive revisions," they write.

Here are the eight outperform-rated names they believe fit that profile:

1. Australian Finance Group (ASX: AFG)

Macquarie notes AFG's surging mortgage lodgments and stabilising market share.

"1Q26 mortgage lodgment volumes +26%; major lender share 59%," they said.

2. Zip Co (ASX: Z1P)

One of AGM season’s strongest improvers, helped by US transaction growth and better cash margins.

3. Eagers Automotive (ASX: APE)

Leveraged to a recovering consumer confidence.

4. Jumbo Interactive (ASX: JIN)

The company confirmed FY26 guidance on its UK and US subsidiaries.

5. Amotiv (ASX: AOV)

The automotive products company affirmed FY26 EBITA of $195m; 1Q26 revenue of 3%, and better pricing in the second-half. 

6. Megaport (ASX: MP1)

Macquarie is positive on the company's acquisition of Latitude.sh for $300m and affirmation of FY26 EBITDA of $47-54 million.

7. Aussie Broadband (ASX: ABB)

Robust subscriber additions and strong FY26 EBITDA guidance.

8. ResMed (ASX: RMD)

Margin expansion and a slight EPS beat make it a standout defensive.

The "least preferred" stock

Macquarie flags WiseTech (ASX: WTC) as its least preferred stock amid AGM season.

The stock sits in the downwards "momentum with recent consensus downgrades” bucket, and Macquarie expects its upcoming AGM to be a negative catalyst. A recent ASIC/AFP search warrant incident adds to the caution.