verb (used with object), underrated, underrating.
to rate or evaluate too low; underestimate.

1615–25; under- + rate1

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World English Dictionary
underrate (ˌʌndəˈreɪt)
(tr) to underestimate

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Objections to it are welcome, as are suggestions for overrated or underrated
One underrated business-travel option is staying with a friend when working
To paint bands you know nothing about with broad, meaningless strokes, you need
  only two adjectives: overrated and underrated.
It's about time that first-rate attention was paid to a novelist who has for so
  long been underrated.
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