In the sometimes-volatile world of the stock market, seeing a stock trading near its 52-week low can be unnerving. But what if those beaten-down prices represent incredible opportunities? According to analysis, some quality businesses are currently trading at valuations that look “absurdly cheap,” making them potentially smart buys for long-term investors willing to look past short-term headwinds.

Here are three such stocks, currently trading near their yearly lows, that analysts believe could offer significant value right now:

1. Alphabet (GOOGL/GOOG)

Yes, even a tech titan like Google's parent company can find itself near its 52-week low. Alphabet shares have been sinking, down around 16% this year and sitting about 10% off their 52-week low. The primary concern weighing on the stock? Worries about potential antitrust issues that could force a breakup of the company.

However, some analysts argue this fear is overblown and the risk isn't significant enough to avoid the stock. In fact, a breakup could even potentially unlock value for investors in the long run. Plus, this is still a company at the forefront of artificial intelligence with products like Gemini, and it boasts incredibly powerful core assets like Google Search and YouTube, generating massive earnings.

2. Merck (MRK)

The pharmaceutical giant Merck has also seen its shares dip, down about 22% this year and trading at a notably low price-to-earnings (P/E) ratio of just 11.7. While macroeconomic factors like tariffs might be a near-term concern, many analysts view these as likely temporary issues.

Merck has promising developments on the horizon, including plans for a GLP-1 weight loss drug and a new version of its blockbuster cancer medication, Keytruda, aimed at offsetting future patent expirations. At its current discounted price, investors are seen as well-compensated for the risks, with strong long-term growth prospects.

3. Block (formerly Square) (XYZ)

Perhaps the most beaten-down stock on this list, the fintech and crypto company Block has seen its shares decline by a significant 34% this year. Recent underwhelming earnings reports and concerns about potential challenges in an economic downturn or recession have sent the stock into a tailspin, leaving it near its 52-week low.

Despite the near-term macroeconomic uncertainty, Block is considered a strong buy at its current valuation. It trades at a modest P/E multiple of 12 (and a forward P/E below 14 based on analyst estimates). Analysts believe the company has growth initiatives in the works that aren't yet reflected in the stock price, with management targeting double-digit earnings growth rates in the future.

While buying stocks hitting lows always carries risk, for long-term investors focused on value, these three companies are highlighted as potentially “absurdly cheap” opportunities in the current market.