Last month was not a kind one to the Australian share market. However, a few ASX 200 shares overcame the doom and gloom to record strong gains.
Silver Lake shares rose approximately 24% during the month and Gold Road shares gained over 17%.
The catalyst for this was a strong rise in the gold price after demand for safe-haven assets increased following events in the Middle East.
The question now, though, is whether it is too late to buy these ASX 200 shares or whether they can keep rising from here.
Is it too late to buy these ASX 200 shares?
The good news is that last month's best-performing ASX 200 share could still have material upside according to analysts at Macquarie.
A note from the end of last month reveals that its analysts were impressed with the gold miner's quarterly update. As a result, the broker has retained its outperform rating and $1.50 price target on the company's shares.
Based on the current Silver Lake share price of $1.11, this implies a potential upside of 35% for investors over the next 12 months.
What about Gold Road?
Brokers are feeling positive about this ASX 200 share as well. However, the potential upside is not as great as what is on offer with Silver Lake.
For example, at the end of last month, Bell Potter put a buy rating and $2.10 price target on its shares. This suggests a potential upside of just over 10% for investors from current levels.
All in all, it may not be too late to jump on the bandwagon with these shares.