Analysts are always on the lookout for ASX share opportunities that could deliver strong returns. When there's one buy rating that's interesting to note, when there are multiple buy ratings, investors may be seeing a clear opportunity.
The two businesses I'm going to cover are not the ASX's largest companies. Still, they have seen significant earnings growth in the last few years, and analysts are optimistic about what could happen to their share prices going forward.
Let's look at two of the most well-liked S&P/ASX 300 Index (ASX: XKO) shares right now.
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Megaport Ltd (ASX: MP1)
Broker UBS describes Megaport as a network-as-a-service provider, which enables connectivity between customers and the top seven cloud providers across hundreds of data centres on a secure network. Its offering aims to eliminate the fixed-term, bandwidth, and location restraints of the traditional telco model. Customers subscribe monthly to a dedicated port and can scale their usage up and down.
According to the CommSec collation of analyst opinions, there are currently 11 buy ratings and six hold ratings on the business.
The ASX 300 share recently announced a capital raising to fund the acquisition of Latitude.sh and accelerate its expansion in India. Latitude.sh is a global, automated infrastructure platform that's delivering compute-as-a-service.
The upfront acquisition cost is US$150 million and up to US$150 million of contingent consideration linked to revenue and integration targets.
Megaport says that combining 'network' and 'compute' is a logical extension of Megaport's core capability of automating network infrastructure for the hybrid cloud. The ASX tech share is expected to see a 20% revenue increase and an adjusted operating profit (EBITDA) increase of more than 40% following this move.
The company noted that it has delivered a strong performance in the financial year to date, with October 2025 annual recurring revenue (ARR) of $260.1 million (up 22% year-over-year) and FY26 first-quarter revenue of $62.9 million (up 21% year-over-year).
UBS is one of the brokers that has a hold/neutral rating on the business, with a price target of $15.30. At the time of writing, that implies a possible rise of 17% over the next year.
Qantas Airways Ltd (ASX: QAN)
Another ASX 300 share with multiple buy ratings is Qantas. There are currently 11 buy ratings on Qantas shares and six hold ratings, according to CommSec.
Qantas has multiple segments that generate business profit, including its domestic flights, international flights, freight division, and Qantas loyalty.
The Qantas share price has drifted lower in recent times, falling more than 20% since September 2025, as the chart below shows.
Broker UBS recently upgraded its rating on Qantas shares to "buy" due to share price weakness and the trading update.
UBS noted that travel demand is proving resilient, for example the domestic revenue growth was around 8% in the first half of FY26. But, the company and wider industry is "showing restraint from growing capacity too strongly", while the loyalty division continues to provide reliable earnings growth.
The broker has a price rating of $11.50 on the airline, which implies a possible rise of 22% over the next year from where it is at the time of writing.
