These ASX shares could rise 30% to 50% in 12 months

Big returns could be on the cards for owners of these shares according to analysts.

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If you're wanting to boost your returns in 2024, then it could be worth checking out the three ASX shares listed below.

That's because they have been tipped by brokers to rise between 30% and ~50% over the next 12 months. Here's what you need to know:

Clinuvel Pharmaceuticals Limited (ASX: CUV)

Bell Potter thinks that this biopharmaceutical company is an ASX share to buy right now.

Last week, the broker retained its buy rating with a new price target of $22.25. This implies potential upside of 55% for investors from current levels. It said:

Clinuvel maintains a lean, vertically integrated business model that we expect to generate EBIT margins of ~50% in FY24 and FY25. Scenesse remains the only approved drug for EPP patients globally, with the most advanced competitors still ~3-4 years away, if successful.

Coronado Global Resources Inc (ASX: CRN)

If you don't mind investing in the resources sector, then this coal miner could be an ASX share to buy.

Morgans is feels the company's shares are very cheap and has put an add rating and $1.75 price target on them. This suggests a return of approximately 30% for investors before dividends. It commented:

CRN looks far too cheap, but we think the market will wait for tangible production/ cost and physical market improvement before narrowing this discount.

Qantas Airways Limited (ASX: QAN)

Analysts at Goldman Sachs think investors should be snapping up Qantas shares while they trade on depressed levels.

Last week, the broker responded to the airline operator's half-year results by retaining its buy rating with a price target of $8.05. This suggests potential upside of 52% for investors.

Goldman believes the market is undervaluing its significantly improved earnings capacity. It said:

Despite negative revisions, we note that our FY24 EPS remains 52% above pre-COVID levels even as the business faces higher (vs pre COVID) fuel prices, elevated current customer investment and a 10% yoy GSe decline in unit revenue (FY24 RASK is 24% above pre-COVID equates to average 4.4% per annum). Despite this, QAN is trading 17% below its pre-COVID market capitalization with the enterprise value 24% lower. Retain Buy.

Motley Fool contributor James Mickleboro 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 Goldman Sachs Group. 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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