Although the S&P/ASX 200 Index (ASX: XJO) tumbled a disappointing 5.5% in 2022, not all ASX 200 shares fell with the market.
Two ASX 200 shares that crushed the market last year with gains of at least 20% were infant formula company A2 Milk Company Ltd (ASX: A2M) and airline operator Qantas Airways Limited (ASX: QAN).
Can these ASX 200 shares do it all again in 2023? Let's take a look at what analysts are saying.
A2 Milk
Unfortunately, as things stand, brokers appear to believe that the A2 Milk share price has peaked for the time being.
For example, the most positive broker that I'm aware of is Bell Potter. However, while its analysts currently have a buy rating on the company's shares, their price target of $6.80 is a touch below where its shares trade today.
Though, a stronger than expected update in February when A2 Milk releases its half year results could force Bell Potter and other brokers to rethink their valuations and recommendations.
Qantas
Things are looking comparatively better for the Qantas share price in 2023 according to analysts.
Goldman Sachs believes the market is severely undervaluing its shares given its very positive performance and outlook. The broker has a conviction buy rating and $8.20 price target on its shares.
Elsewhere, Morgans has an add rating and $8.50 price target and Morgan Stanley has an overweight rating and $9.00 price target. These three price targets imply potential upside of at least 36% for the ASX 200 share over the next 12 months.
In respect to the Morgans recommendation, its analysts commented:
The discount being applied to QAN is unwarranted, in our view. Solid value exists in QAN given we expect further EBITDA growth over FY24/25 and think pent-up demand to travel will underpin a healthy demand environment for some time.
