'Long term view': Expert names 2 punished ASX shares with 'bright outlook'

The sure-fire way to combat volatile markets is to invest for the long term.

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Turbulence continues in share markets as investors oscillate between the fear of a recession and buying oversold stocks.

If the rollercoaster is making your stomach churn, it's best to get back to basics and think long term.

The longer that you stay invested in a stock, the better your portfolio can fight off the effects of the current turbulence and your entry price.

So with this in mind, let's take a look two ASX shares that Medallion Financial private client advisor Jean-Claude Perrottet this week named as ripe long-term buys:

Innovations and demand driving earnings

Biotechnology giant CSL Limited (ASX: CSL) saw its shares enjoy a nice rally in the middle of this year.

But it's fallen more than 7% over the past fortnight.

Perrottet told The Bull that this was despite what he thought was a good reporting season update

"Full year results for this blood products company were positive in response to strong demand for flu vaccines, in our view."

He pointed out how CSL is implementing new technology in the US market, which will cut down plasma donation times by about 30%.

"These innovations should improve the collection process and, as a result, we retain a positive long term view on CSL."

The majority of Perrottet's peers agree with him. According to CMC Markets, 13 out of 18 analysts currently rate CSL shares as a buy.

CSL shares closed Monday at $284.81.

Every metric up in reporting season

Similar to CSL, the IDP Education Ltd (ASX: IEL) share price rocketed mid-year, gaining 35% over a six-week period over June and July.

And again, just like CSL, it has been punished in recent times. IDP shares have lost more than 7% over the past week.

Perrottet was a fan of what he saw out of reporting season.

"This global education services provider delivered a strong fiscal year 2022 result," he said.

"Margins improved by 24.8%, the highest in the company's history. Revenue grew by 50% on the prior corresponding period, in response to a 45% increase in student placements and a 67% increase in international English language tests."

The tailwinds from a world moving past COVID-19 restrictions will be significant for the business in the coming period.

"With Australian student placement volumes expected to grow, IDP offers a bright outlook."

IDP is another favourite among the professional community. Ten out of 12 analysts currently surveyed on CMC Markets rate the stock as a buy, with nine of them saying it's a strong buy.

The IDP share price closed Monday at $26.81.

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