There are a wide range of businesses on the ASX that we could earn a return from. Analysts are always on the hunt for ASX share ideas and there are a few that have received significant professional investor interest.
When one analyst thinks a business is a buy, that's intriguing. When a number of experts all think a business is a buy, I think that could highlight a significant opportunity.
Let's look at two ASX shares that are heavily backed by experts.
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Bannerman Energy Ltd (ASX: BMN)
Bannerman Energy describes itself as a uranium development business. It says its flagship asset is the advanced Etango project located in the Erongo region of Namibia.
According to CMC Invest, there have been five buy ratings on the business within the last three months, with all of those ratings being a buy. The average price target on the business from those five analysts is $5.51, suggesting a possible rise of 62% in the next year.
The company recently announced its quarterly update for the three months to 30 June 2026. In that update it reported strong progress in both the early works of the Etango project and towards completion of the transformational strategic financing transaction with CNNC Overseas Limited (CNOL).
It said that Etango early works construction activities are tracking to the overall budget and schedule. The contractor workforce on site now exceeds 560 personnel. Bulk earthworks have advanced in line with the schedule – it's now 92% complete. The ASX share said production of heap leach drainage aggregate continues to deliver material.
The company also said that detailed design and procurement activities are on schedule, while long-term infrastructure and utilities supply activities are "progressing strongly".
In terms of the financing transaction with CNOL, it said it's progressively satisfying key conditions precedent for the CNOL strategic investment of up to US$321.5 million, and progressing the joint venture agreement.
The residual conditions precedent and the transaction completion are expected to occur in the third quarter of 2026, with a positive final investment decision (FID) on Etango expected shortly after that.
Finally, the ASX share noted that the long-term uranium price outlook remains strong, with the term price increasing to US$97 per pound.
South32 Ltd (ASX: S32)
South32 is another ASX share with significant analyst backing. The ASX mining share is involved in a number of commodities including copper, zinc, lead, silver, manganese, alumina and aluminium.
According to CMC Invest, there have been 10 ratings on the business in the last three months, with nine of those ratings being a buy.
South32 recently announced its FY26 fourth quarter update, which showed that production exceeded guidance in FY26. It increased its quarterly sales volume by 15%, capturing benefit of strong market conditions across many of its commodities.
Last month, it announced the sale of its aluminium value chain to Alcoa Corporation CDI (ASX: AAI) for an implied enterprise value of US$5.6 billion, plus around US$1.2 billion of related rehabilitation provisions.
The company also noted that during FY26, it invested US$34 million in its greenfield exploration opportunities, which progressed multiple programs targeting base metals in highly prospective regions. It also invested US$60 million in exploration programs at existing operations and development options. This could help drive future value for the business.
These aren't the only ASX shares that could be compelling opportunities, of course.
