Australian sharemarkets have rebounded strongly over the past couple of weeks as inflation concerns and global volatility show signs of easing. Here are two ASX shares which I think are undervalued right now, and if broker forecasts are correct, they're about to surge higher.
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IDP Education Ltd (ASX: IEL)
IDP Education has been among the worst-performing shares in the All Ordinaries Index (ASX: XAO) over the past 12 months.
The company's shares crashed in late 2025. Its dismal performance led to the stock being removed from the S&P/ASX 200 Index (ASX: XJO) amid a reshuffle in September last year.
There was a brief recovery, and IDP shares started strong in early 2026. But after hitting a year-to-date high in late January, they've now tumbled 66% to the time of writing. They're currently sitting around 50% lower than this time last year. IPD shares are now changing hands for just $2.16 a piece. To me, this ASX share looks oversold and super cheap.
While there hasn't been much good news out of the international education services business over the past year, it looks like the company could stage a turnaround in the latter half of 2026.
Some analysts think visa caps and declines in student volume may have bottomed out, particularly in key markets like Canada and Australia. This suggests student placement volume could start rebounding, and it could lift revenue and the company's share price.
Brokers are very bullish about the outlook for the ASX education shares over the next 12 months. Market Index data shows that the majority have a buy rating on the stock. The $4 average target price implies the shares have the potential to jump 85% higher, at the time of writing.
WiseTech Global Ltd (ASX: WTC)
WiseTech shares have suffered a rather public crash over the past 12 months. At the time of writing, the shares are trading at $40.43, down around 41% year-to-date and 65% lower than 12 months ago. It hasn't been a sharp drop, but rather a long and sustained decline.
The ASX shares have also suffered amid a widespread, sector-wide tech sell-off over the past 12 months, an investor rotation to more stable assets amid global volatility, and governance concerns. Investor sentiment is still struggling to recover.
There is a lot of anticipation ahead of WiseTech's FY26 results, which the company is due to announce on the 26th of August. I think if the company meets its upgraded guidance figures, investors may move their attention away from governance concerns and back to the company's growth potential.
Market Index data shows that the majority of brokers have a strong buy rating on the ASX shares. The $68.12 average target price implies around a 69% upside, at the time of writing.
