These ASX 300 shares could rise 20% to 65%

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

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Investors who are looking to supercharge their investment returns might want to check out the ASX 300 shares that are listed below.

That is because some of Australia's leading analysts think these shares are severely undervalued by the market and are tipping very big returns from them over the next 12 months.

Here's what analysts are predicting for these ASX 300 shares:

Inghams Group Ltd (ASX: ING)

Analysts at Morgans think that this poultry producer "remains undervalued trading on a low PE multiple, especially for what is a market leader, with a vertically integrated operating model and assets that are difficult and costly to replicate."

In addition, the broker highlights that Inghams is well-positioned to benefit from poultry being "the affordable, healthy, sustainable and growth protein."

Morgans currently has an add rating and a $4.40 price target on the ASX 300 share. Based on the current Inghams share price of $3.54, this implies a potential upside of 24% for investors over the next 12 months.

Lynas Rare Earths Ltd (ASX: LYC)

Goldman Sachs thinks investors should be snapping up this rare earths producer's shares while they are down in the dumps. The broker feels that its shares are undervalued "trading at ~0.8x NAV." Especially given its expectation for the "NdPr market [to be] balanced over medium term but deficits over long run."

Goldman Sachs currently has the company on its coveted Asia Pacific conviction list with a buy rating and a $7.40 price target. Based on its current share price of $6.17, this suggests that the ASX 300 share could rise by 20% from current levels.

Tyro Payments Ltd (ASX: TYR)

This payments company's shares have lost over 40% of their value since this time last year. While this is disappointing, the team at Morgans believes that this has created a compelling buying opportunity for investors.

Its analysts note that "TYR sold off heavily in 2023 affected by the broad pull back in technology stocks and overall concerns regarding its earnings trajectory."

They believe that "FY24 will show significantly improved business momentum, importantly driven by a much greater focus on lifting overall profitability." Despite this, the broker points out that "TYR still trades at a significant discount to valuation."

Morgans currently has an add rating and a $1.50 price target on its shares. Based on its current share price of 90.5 cents, this implies a potential upside of 65% for investors over the next 12 months.

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 and Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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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