Buy these ASX 200 shares that could rise 30%+ before it's too late

Analysts think these shares could rise materially from where they currently trade.

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Investors that are on the lookout for big returns for their investment portfolios might want to check out the two shares named below.

Here's what sort of returns brokers are tipping from them over the next 12 months:

Qantas Airways Limited (ASX: QAN)

Analysts at Goldman Sachs believe that this airline operator could provide investors with huge returns between now and this time next year.

The broker currently has a conviction buy rating and $8.05 price target on its shares. Based on its current share price of $6.09, this implies potential upside of 32% for investors. In addition, it is worth highlighting that Goldman believes that Qantas will bring back its dividend at long last in FY 2025. It is forecasting a 4.9% dividend yield for the financial year.

Goldman highlights that the Flying Kangaroo's valuation is still lower than pre-COVID times despite having structurally and sustainably stronger earnings. In addition, it notes that its shares are trading at a sizeable discount to what investors are paying to own US airlines on Wall Street. It explains:

QAN is trading 4% below pre-COVID market capitalization with the enterprise value still 7% lower despite a structurally improved earnings capacity. Relative to regional/ US peers (median PE of 9.1x), QAN is trading on a 29% discount at 6.4x FY25 PE. This is more than 2x below the historical 5Y average discount of 14%. We expect this gap to narrow as QAN delivers earnings that are sustainably above pre-COVID levels and demonstrates ability/ willingness to distribute capital to shareholders while renewing the fleet.

Regis Resources Ltd (ASX: RRL)

If you are looking for exposure to the gold sector then it could be well worth checking out Regis Resources. It is one of Australia's largest gold miners with a number of operating mines in Western Australia.

Bell Potter believes that the company is significantly undervalued at current levels and big returns could be on the cards for investors buying at today's price. It has a buy rating and $2.80 price target on its shares, which implies potential upside of 54% over the next 12 months. It said:

As one of the largest ASX listed gold producers, we are attracted to its all-Australian asset portfolio and organic growth options which are unique at this scale. Furthermore, we see key opportunities in the fundamental, medium-term outlook and, in our view, these may also make RRL an appealing corporate target in the current conducive M&A environment.

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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