New analysis from the team at Bell Potter have identified upside for ASX energy shares Paladin Energy Ltd (ASX: PDN) and Boss Energy Ltd (ASX: BOE).
ASX energy shares have enjoyed strong returns in 2026, as robust commodity prices, strong demand and improving investor sentiment have boosted the sector.
However, it hasn't been all smooth sailing for the aforementioned stocks.
Boss Energy has actually dipped 8% year to date.
Meanwhile, Paladin Energy has risen 11% year-to-date.
For comparison, the S&P/ASX 200 Energy (ASX: XEJ) is up almost 30% year-to-date.
Here is what's behind the optimism for these two ASX energy shares from Bell Potter.
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Investor day reaffirms confidence for Paladin
In yesterday's report, Bell Potter said it remains positive on this ASX energy stock, with no changes to its modelling or earnings outlook following the company's investor day.
The company is focused on optimising production at Langer Heinrich, while progressing Paterson Lake South (PLS) toward potential production in 2031.
The broker highlighted that Paladin has strong exposure to rising uranium prices.
Additionally, planned 30,000m of drilling in FY27 could expand resources and mine life, providing further upside.
Overall, Bell Potter sees the investor day as confirmation of the existing investment case rather than a reason to change its forecasts.
Based on this guidance, the broker has a buy recommendation and $14.80 price target, indicating 31% upside from current levels.
Bell Potter isn't the only broker with a positive outlook.
Recently, Canaccord Genuity renewed its buy rating on Paladin Energy shares.
The broker raised its 12-month price target from $15.40 to $15.80.
Boss Energy also a buy
The team at Bell Potter has also retained its buy recommendation on Boss Energy shares.
The broker commented on the new feasibility study (NFS) from the ASX energy company for its Honeymoon operation.
According to the report, the new well design uses fewer wells and longer uranium recovery times, which management expects will improve recovery to 90% from 80%.
Overall, the new study improves operational efficiency and recovery, but comes with higher costs and capex.
We maintain our Buy recommendation. The Honeymoon NFS provides clarity on the cost outlook and a clear pathway to steady-state production. BOE has leverage to rising uranium prices, on which we hold a positive long-term view.
The broker has an updated price target of $1.70 on this ASX energy stock, indicating 18% upside from current levels.
