These ASX shares could rise 25% to ~50%

Big returns could await buyers of these shares according to analysts.

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If you are on the hunt for larger than average returns for your investment portfolio, then look no further.

That's because the ASX shares listed below have been named as buys by analysts and tipped to rise materially from current levels.

Here's what brokers are saying about them and just how high they think their shares could climb over the next 12 months:

Capricorn Metals Ltd (ASX: CMM)

Analysts at Bell Potter have put a buy rating and $6.53 price target on this gold miner's shares. Based on its current share price of $4.46, this implies potential upside of almost 47% for investors over the next 12 months. The broker commented:

CMM is a sector leading gold producer with a strong balance sheet, a management team with an excellent track record of delivery and clear organic growth options to lift group production to 270kozpa. We retain our Buy recommendation.

Cedar Woods Properties Limited (ASX: CWP)

Over at Morgans, its analysts see a lot of value in this ASX property company's shares. The broker currently has an add rating and $5.60 price target on them. This suggests that upside of 25% is possible between now and this time next year. An attractive 4%+ dividend yield is also expected by its analysts. Morgans commented:

CWP is a volume business and the demand for lots looks to be improving, with margins to invariably follow. CWP's exposure to lower priced stock in higher growth markets sees further potential to drive earnings. On this basis, we see every reason for CWP to trade at NTA and potentially at a premium, were the housing cycle to gain steam through FY25/26.

Qantas Airways Limited (ASX: QAN) $6.11

Finally, Goldman Sachs thinks that this airline operator is an undervalued ASX share to buy right now. The broker has a conviction buy rating and $8.05 price target on its shares. Based on the current Qantas share price of $6.11, this implies potential upside of 32% over the next 12 months. The broker said:

We forecast a ~24% FY19-24e cumulative uplift in unit revenues (c. 4.4%pa), and ~50% drop-through of QAN's A$1bn+ structural cost-out program. QAN's current market capitalisation in line and enterprise value still 5% below pre-COVID levels. As such, we believe QAN is not priced for a generic recovery, let alone prospects for improved earnings capacity. We continue to see upside associated with substantially improved MT earnings capacity.

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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