These ASX shares could rise 30% to 60%

Analysts believes that huge returns could be on offer with these shares.

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If you are searching for some big returns to boost your portfolio, then look no further.

That's because listed below are three ASX shares that have been named as buys and tipped to rise 30% to 60%.

Here's what analysts are saying about them:

Arcadium Lithium (ASX: LTM)

Analysts at Bell Potter think that this miner would be a great way to gain exposure to the lithium industry before it rebounds.

The broker currently has a buy rating and $9.50 price target on its shares. This implies potential upside of 32% for investors from current levels. It commented:

LTM provides the largest, most diversified exposure to lithium in terms of mode of upstream production, asset locations, downstream processing and customer markets. It is a key large-cap leverage to lithium prices and sentiment, which we expect to improve over the medium term. In supportive markets, LTM's growth pipeline could see the company more than double production over the next three years.

Flight Centre Travel Group Ltd (ASX: FLT)

Morgans is feeling very bullish about this travel agent giant. So much so, the broker has it on its best ideas list again this month.

Its analysts have an add rating and $27.27 price target on the company's shares. This implies potential upside of almost 34% for investors over the next 12 months. It commented:

FLT has the greatest risk, reward profile of our travel stocks under coverage. The risk is centred around execution given its changed business model, while the reward is material if FLT delivers on its 2% margin target. If achieved, this would result in material upside to consensus estimates and valuations. FLT is targeting to achieve this margin in FY25. With greater confidence in the travel recovery and the benefits of Flight Centre's transformed business model already emerging, we think the company is well placed over coming years.

Tyro Payments Ltd (ASX: TYR)

Analysts at Morgans are also feeling very positive about this payments company and sees significant value in its shares at current levels. Particularly given its belief that its performance will rebound this year. The broker has an add rating and $1.50 price target on its shares, which suggests potential upside of over 60% for investors. It said:

TYR sold off heavily in 2023 affected by the broad pull back in technology stocks and overall concerns regarding its earnings trajectory. However, we believe FY24 will show significantly improved business momentum, importantly driven by a much greater focus on lifting overall profitability. TYR still trades at a significant discount to valuation.

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 Tyro Payments. The Motley Fool Australia has recommended Flight Centre Travel Group and 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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