These ASX 200 shares could rise 20% to 50%

Analysts think these shares could be undervalued at current levels.

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If you're on the lookout for big returns for your portfolio, then look no further.

That's because the ASX 200 shares listed below have been named as buys by brokers and tipped to rise over 20% from current levels.

Here's what you need to know about these shares:

Domino's Pizza Enterprises Ltd (ASX: DMP)

The team at Morgan Stanley sees significant value in this pizza chain operator's shares at current levels.

In response to its half-year results last month, the broker retained its overweight rating and $68.00 price target on its shares.

Based on the current Domino's share price of $43.52, this implies potential upside of approximately 56% for investors.

South32 Ltd (ASX: S32)

If you're not averse to investing in the mining sector, then it could be worth considering diversified miner South32.

This ASX 200 mining share produces ten commodities from operations across six countries and three regions.

The good news is that the team at UBS believes the outlook for some of these commodities is becoming increasingly positive. This is particularly the case for copper, which could be heading for a supply crunch according to the broker.

In light of this, its analysts recently retained their buy rating with a $4.00 price target. This suggests potential upside of 37% for investors from current levels.

Telstra Group Ltd (ASX: TLS)

Finally, analysts at Goldman Sachs believe that this telco giant's shares could generate big returns for investors.

The broker currently has a buy rating and $4.55 price target on the ASX 200 share. If the Telstra share price were to rise to this level, it would mean a 20% return for investors.

In addition, the broker is forecasting fully franked dividends of 18 cents per share in FY 2024 and 19 cents per share in FY 2025. This will mean yields of 4.8% and 5%, respectively, which boosts the total potential 12-month return to approximately 25%.

Motley Fool contributor James Mickleboro has positions in Domino's Pizza Enterprises. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Domino's Pizza Enterprises and Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Domino's Pizza Enterprises. 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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