When an ASX share is rated as a buy, it's interesting. When there are numerous buy ratings, that suggests there could be a compelling opportunity for investors.
While having the backing of multiple analysts does not automatically mean there will be strong returns, I think it certainly suggests to take a closer look.
Let's consider two of the most-backed ASX shares Aussies can buy right now.
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Flight Centre Travel Group Ltd (ASX: FLT)
Flight Centre is one of Australia's largest travel agency businesses. It also has a presence internationally, as well as a corporate travel segment.
According to CMC Invest, there have been 10 ratings on the business within the last three months. Of those 10 ratings, nine of them were buys and one was a hold.
A price target can be very informative of how undervalued analysts think a business is, it says where the expert believes the share price will be trading in 12 months from the time of the investment call.
Currently, of those 10 analyst ratings, the average price target is $14.37. At the time of writing, that implies a possible rise of more than 20% over the next year.
The company recently updated its FY26 guidance amid the conflict-driven headwinds for international leisure travel.
It now expects underlying profit before tax (PBT) to be between $275 million to $295 million, this is lower than the previous guidance of between $310 million to $345 million, though the mid-point of the guidance is approximately the same as FY25's figure.
The ASX share also announced it was launching a $200 million share buyback, which increases the value of each remaining share, by increasing earnings per share (EPS) and other per-share statistics.
Qantas Airways Ltd (ASX: QAN)
Another ASX share that is heavily rated by analysts is the ASX transport share Qantas, Australia's leading airline.
The Middle East conflict has also been a headwind for the business, which impacted both long haul travel and increased fuel costs.
According to CMC Invest, within the last three months, there have been 11 ratings, with all of those being a buy.
The average price target on the airline is $10.94, which suggests a possible rise of 9% over the next year from where it is at the time of writing.
The latest update came from the business in mid-April where it said that fuel costs for the second half of FY26 are estimated to be between $3.1 billion to $3.3 billion.
It also noted that it continued to see strong demand for international travel to Europe as customers sought alternative routes. Qantas said it expected unit revenue growth in the second half of around 5%, with price rises helping offset the higher costs.
With fuel seemingly starting to flow out of the Strait of Hormuz again, this could help Qantas' earnings in the medium-term and I think it bodes well for the ASX share.
