These 3 oversold ASX 200 shares look cheap right now

The S&P/ASX 200 Index (ASX: XJO) has had a volatile start to the year, inflation woes and geopolitical instability putting pressure on investor sentiment and share prices.

The ASX 200 is trading in the red again on Tuesday, down around 0.3% at the time of writing.

Here are two ASX 200 shares I think can drive the ASX 200 Index higher throughout the remainder of 2026. And with upsides as high as 100%, they look super cheap right now.

Life360 Inc (ASX: 360)

Life360 shares are around 1% higher at the time of writing, and changing hands at $22.22 a piece. It’s good news for the US-based software development company’s shares after a run of share price falls.

The ASX 200 tech company’s shares are now around 60% below an all-time high recorded in October last year, and 32% lower for the year to date. 

Life360 shares have been caught up in an ongoing tech-sector-wide sell-off over the past nine months, as investors sold their tech shares amid growing fears that companies’ core services could be replaced by AI. 

At the same time, there has been some concern that some tech company share prices, including Life360, had become overpriced and were trading above fair value.

But I think the oversold ASX 200 shares show great potential for growth.

Life360 recently reported a 38% increase in quarterly revenue, mostly driven by a 32% increase in subscription revenue and a 36% increase in core subscription revenue. The company also upgraded its FY26 adjusted EBITDA and revenue guidance, showing that the business is profitable and performing well.

Market Index data shows that all brokers have a strong buy rating on the stock. The $32.05 average target price implies a potential 44% upside at the time of writing.

Flight Centre Travel Group Ltd (ASX: FLT)

Flight Centre shares are also up around 1% in Tuesday afternoon trade, to $11.11 each.

The ASX 200 travel shares are now down around 26% year to date and are roughly 16% lower than 12 months ago. 

Flight Centre rallied well through late-2025 and early-2026 and peaked at a 52-week high in early February this year.

But a slower-than-expected profit growth, higher travel costs, geopolitical tensions, and inflation concerns pulled the brakes on the share price in February and March. And Flight Centre shares have still struggled to rebound.

As travel disruptions and fuel supply concerns ease, I think ASX 200 travel stocks like Flight Centre could rebound quickly.

Brokers unanimously rate Flight Centre shares as a strong buy and tip a 41% upside to an average $15.61 target price, at the time of writing.

West African Resources Ltd (ASX: WAF)

The Australia-based gold mining company’s shares have fallen over 4% on Tuesday afternoon, and are trading at $2.96 at the time of writing.

The gold miner’s shares have been volatile this year, trading between $2.71 and $3.91 per share. For the year to date, the shares are now down around 4%, but after a huge rally late 2025, the share price is 29% higher than it was 12 months ago.

The ASX 200 gold miner has faced headwinds from higher mining costs and softer gold prices. Investor sentiment dropped, and they began selling their gold shares and rotating into larger, more stable assets instead. 

But West African Resources has posted record-breaking production results this year and recently raised its production guidance for FY26 and the next 10 years. The ASX 200 gold miner forecasts production of 430,000 to 490,000 ounces of gold, which implies production up to 63% higher than FY25.

The gold price is forecast to rebound this year. If gold prices return to record highs, then the value of high-performing gold miners like West African Resources could accelerate.

Brokers unanimously rate the ASX 200 gold miner’s shares as a strong buy, and the average $5.89 target price implies a potential 100% upside at the time of writing. 

The post These 3 oversold ASX 200 shares look cheap right now appeared first on The Motley Fool Australia.

More reading

• Why are ASX 200 tech stocks like WiseTech, Life360 and Xero shares getting hammered on Tuesday?
• Forget SpaceX shares and buy these ASX tech stocks
• Here are the 10 most shorted ASX shares
• ASX 200 tech stocks led the market with big share price gains last week
• 3 ASX 200 shares that could be too good to ignore in June

Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool Australia has recommended Flight Centre Travel Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.