It's exciting when numerous experts rate an ASX share as a buy. It could be a compelling signal that a company could outperform the S&P/ASX 200 Index (ASX: XJO) in the medium-term.
The two business I'm going to highlight are both rated as buys by numerous analysts, with both of them having among the largest number of positive ratings on the ASX.
So, let's dive into why analysts are so positive.
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Aristocrat Leisure Ltd (ASX: ALL)
According to the Commsec collation of analyst ratings, there are currently 15 buys on the business.
Broker UBS describes this ASX share as a company that develops and manufactures slot machines globally which are sold and operated in more than 90 countries. The business has a large presence in the North American market, providing systems to around 300 casinos. Other core markets include Australia, Asia and Latin America.
Aristocrat Leisure gave an update at its annual general meeting (AGM). According to UBS, it was "modestly" negative to forecasts. But, Aristocrat is still expected to see a growing installed base, content launches and new lottery contracts through the year.
UBS didn't think the update was as bad as how the Aristocrat Leisure share price has been treated – it's down around 30% in the last six months.
The broker suggested that the Aristocrat Leisure share price has been caught up with the wider sell-off of technology and growth.
UBS thinks that the ASX share's underlying net profit (NPATA) is expected to grow by 10% in constant currency terms. Gaming operation installs are expected to be between 4,000 to 5,000. The operations fee per day is expected to grow by 2% year-over-year.
Finally, UBS noted that the Product Madness direct-to-consumer mix is "tracking above 20% in early FY26 with further upside potential".
The broker forecasts that Aristocrat Leisure is going to make net profit of $1.6 billion in FY26, putting it at 18x FY26's estimated earnings.
Flight Centre Travel Group Ltd (ASX: FLT)
Flight Centre is an ASX travel share that has both leisure and corporate travel segments. It has operations in markets like Australia, New Zealand, the UK, Canada, South Africa, the US, Hong Kong, China, Singapore, India and the UAE.
According to the Commsec collation of analyst ratings, there are currently 15 buys on the business.
UBS is one of the brokers that rates the business as a buy after seeing its FY26 half-year report.
The broker noted that Flight Centre's profit before tax (PBT) was 5% better than what UBS and other market analysts were expecting, though it was in line with expectations after adjusting for a $4 million provision release.
UBS pointed out there were a number of positives within the result:
1) Asia losses in pcp are expected to deliver a small u/lying profit in FY26 (exc. provision recovery), reinforcing our view that only 1% growth ex Asia losses / Iglu contribution is required in 2H26 to hit UBSe / mid-point guidance.
2) Jan trading saw a strong turnaround in Leisure PBT (-4% 1H26 / +4% 7mths YTD) and sets the business up well for 2H26.
3) Corporate has a solid pipeline of potential business wins, delivered solid productivity improvements (h/count -6%, productivity / staff +13%) and has ongoing AI projects to extract further benefits.
The broker thinks the Flight Centre share price is trading very cheaply, valued at around 12x FY26's estimated earnings. The business has seen a strong start to January for both leisure and corporate with both segments on track for year over year profit growth.
