Share prices are always changing on the ASX share market, giving investors the opportunity to find undervalued ideas.
Analysts have tried to make the investment job easier by calling out undervalued stocks that could be good buys.
We're going to look at two ASX shares that have received multiple positive ratings.
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AMP Ltd (ASX: AMP)
AMP is a diversified financial business that has various offerings including financial advice and banking (such as loans and savings accounts).
The ASX financial share recently announced how it performed in the first three months of 2026, being the first quarter of FY26. There were a number of pleasing elements to the update.
Platforms' net cash flows increased 45% to $1.1 billion, and superannuation and investments net cash outflows improved 26% to $80 million. Wealth management net cash flows in New Zealand were a positive $41 million.
China Life Pension Company (CLPC) saw assets under management (AUM) improved 17% to around $515 billion.
AMP Bank's loan book remained steady at $24.1 billion as it balanced its margins and market share. It also reported that its AMP Bank GO deposits grew by $632 million quarter on quarter to $942 million. FY26 AMP Bank GO deposits are now expected to exceed $1.5 billion.
According to CMC Invest, there have been eight ratings on the ASX share recently, with all eight of those being a buy.
The average price target of those ratings was $1.72. That implies a possible rise of around 20% within the next year from where it is at the time of writing.
According to the forecast on CMC Invest, the AMP share price is valued at 13x FY16's estimated earnings.
Qantas Airways Ltd (ASX: QAN)
Qantas is Australia's largest airline and it's currently dealing with significant uncertainty amid events in the Middle East.
The airline recently said to that ASX that while it has hedged most of its exposure to crude oil, it is largely exposed to the movement in jet refining margins, which have increased from US$20 per barrel to a peak of around US$120 per barrel.
But, it says that it has confidence in fuel supply for the rest of April and well into May.
Thankfully, the airline is still seeing strong demand for international travel to Europe as customers look for alternative routes, so the ASX share has redeployed planes from the US and its domestic network.
The ASX share has decided to reduce domestic capacity in the fourth quarter of FY26 by around five percentage points to compensate.
The airline said it expects its unit revenue (RASK) to increase by 5% in the second half of FY26. In other words, airfares should help offset some of the fuel pain.
According to CMC Invest, there have been 10 recent ratings on the airline, with all of them being a buy. The average price target is $11.10, suggesting a possible rise of around 20% from where it is at the time of writing.
According to the profit projection on CMC Invest, it's valued at around 10x FY26's estimated earnings.
