The best ASX shares to invest $1,000 in right now

Analysts think that putting your money into these stocks could be a smart move.

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If you are lucky enough to have $1,000 burning a hole in your pocket, it could be worth putting it to work in the share market.

After all, by investing this money, you could grow it into something much larger in the future.

But which ASX shares would be a good place to start? Let's look at two of the best investment ideas right now according to analysts. They are as follows:

Bega Cheese Ltd (ASX: BGA)

Analysts at Bell Potter are feeling very bullish about this diversified food company. So much so, the broker recently named it among its best ASX share ideas for FY 2025.

Its analysts highlight the low multiples its shares trade on and its improving outlook, among other things. They explain:

Our Buy rating remains on BGA is based on: (1) a historically low forward multiple; (2) consolidating milk processing infrastructure; and (3) the material valuation upside should BGA execute on its 5 year targets. In addition, we note that the key drivers of FY25e appear to have improved in recent months, with: (1) Australian milk production continuing to demonstrate YOY growth through 4Q24; (2) YOY gains in SMP pricing in FY25e futures markets; and (3) a material YOY downdraft in farmgate milk prices in FY25e based on minimum opens by major processors.

Bell Potter has a buy rating and $5.35 price target on its shares. This suggests that upside of 24% is possible from current levels.

Woodside Energy Group Ltd (ASX: WDS)

Morgans thinks that Woodside could be one of the best ASX shares to buy right now. It a leading energy producer with a portfolio of high-quality operations and projects.

The broker believes that recent share price weakness has created a buying opportunity for investors. Particularly given the quality of its earnings, the strength of its balance sheet, and its healthy dividend profile. It explains:

WDS's share price has been under pressure in recent months from a combination of oil price volatility and approval issues at Scarborough, its key offshore growth project. With both of those factors now having moderated, with the pullback in oil prices moderating and work at Scarborough back underway, we see now as a good time to add to positions. Increasing our conviction in our call is the progress WDS is making through the current capex phase, while maintaining a healthy balance sheet and healthy dividend profile. WDS still has to address long-term issues in its fundamentals (such as declining production from key projects NWS/Pluto), but will still generate substantial high-quality earnings for years to come.

Morgans has an add rating and $36.00 price target on its shares. This implies potential upside of 23% for investors.

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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