Even with a recovering stock market, some companies continue to head south. Many of those corporations are dealing with company-specific issues and are being punished by investors. The good news is that if these companies can bounce back from these problems, patient investors who purchase shares now may be handsomely rewarded down the road.

With that said, let's consider two stocks down by 23% or more that could end up being excellent picks: CVS Health (NYSE: CVS) and Tandem Diabetes Care (NASDAQ: TNDM).

CVS Health is one of the largest healthcare players in the U.S. but has recently faced its share of issues that have contributed to its poor stock market performance. In the first quarter, the company notably lowered its 2023 earnings per share (EPS) guidance. It initially expected EPS to come in between $7.73 and $7.93, but the new range is between $6.90 and $7.12.

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Source Fool.com