Are you looking for big returns for your investment portfolio?
If you are, then check out the three ASX shares listed below that have been tipped to rise strongly from current levels.
Here's what you need to know about them:
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Audinate Group Ltd (ASX: AD8)
The first ASX share to look at is Audinate. It is disrupting the audio-visual (AV) industry with its award-winning Dante IP networking solution. It is used extensively in the professional live sound, commercial installation, broadcast, public address, and recording industries.
Analysts at Morgan Stanley are feeling very positive about the company's outlook. This is due to its belief that ongoing structural market share gains will continue. Especially in the video market.
Last week, the broker retained its overweight rating and $22.00 price target on the company's shares. Based on its current share price of $15.64, this implies potential upside of 40% for investors over the next 12 months.
Beach Energy Ltd (ASX: BPT)
The team at Bell Potter thinks that this energy producer could be an ASX share to buy when the market reopens.
Its analysts have just retained their buy rating on its shares with an improved price target of $1.85 (from $1.75). This implies potential upside of almost 20% for investors from current levels.
It commented that "BPT's near-term production growth is a key differentiator when compared with domestic peers. With a positive view on Australian east coast gas and LNG markets, and a strong production and earnings growth outlook, we maintain a Buy recommendation."
In addition, the broker is forecasting fully franked dividend yields of 3% in FY 2024 and FY 2025.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Analysts at Goldman Sachs have just turned positive on this pizza chain operator's shares following an update last week. The broker was pleased to see that management is now re-prioritising store unit economics over store growth after announcing a large number of store closures in Japan and France.
In response to the news, Goldman Sachs upgraded the ASX share to a buy rating with an improved price target of $42.20 (from $36.30). Based on its current share price of $33.73, this implies potential upside of 25% for investors over the next 12 months. Goldman believes that "refocusing on store unit economics to restart virtuous growth cycle."
Another positive is that Goldman expects dividend yields of 3.2% in FY 2024 and then 3.9% in FY 2025.
