Are these top ASX shares dirt cheap and must-buys right now?

Is the market undervaluing these and giving you a buying opportunity?

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With the market roaring higher this year, it's getting harder to find value for money with ASX shares.

But that doesn't mean that there aren't any cheap ASX shares for you to buy.

For example, analysts think the two shares named below are undervalued and could provide strong returns for investors.

Here's what they are saying about them:

Regis Resources Ltd (ASX: RRL)

This gold miner could be cheap according to analysts at Bell Potter.

In response to the company's half year update, which was ahead of its expectations, the broker retained its buy rating and $2.60 price target. This implies over 50% upside from current levels.

The broker commented:

RRL is one of the largest ASX gold producers with an attractive all-Australian asset portfolio and organic growth options which are unique at this scale. RRL now offers unhedged exposure to the gold price and strong free cash flow growth over FY24 and FY25. These attributes also make RRL an appealing corporate target in the current M&A environment. Our NPV-based valuation is unchanged at $2.60/sh and we retain our Buy recommendation.

Universal Store Holdings Ltd (ASX: UNI)

This youth fashion retailer could be another cheap ASX share to buy according to analysts at Morgans.

In response to its strong half-year update, the broker has retained its add rating with an improved price target of $5.65. This would mean a return of 26% for investors. It commented:

UNI's focus on offering high quality, fashionable apparel in a well presented store environment with high levels of service is paying off. Despite the challenges facing the consumer discretionary market, especially among the younger demographic, the 1H24 performance was highly resilient. Costs were well controlled and margins outperformed expectations, resulting in EBIT coming in 6% above forecast. The core youth consumer appears to be picking up. We have increased our FY24 EBIT estimate by 4% and reiterate our Add rating with an increased target price.

Motley Fool contributor James Mickleboro has positions in Universal Store. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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