A new year is almost here, so what better time to start looking at making some new additions to your investment portfolio?
But which ASX shares could be top buys in 2025?
Listed below are 10 that analysts think could generate strong returns for investors over the next 12 months. They are as follows:
CSL Ltd (ASX: CSL)
With this biotherapeutics giant forecast to deliver strong earnings growth in the coming years, a number of brokers are tipping its shares as a buy. One of those brokers is Bell Potter, which has a buy rating and $345.00 price target on them. It notes that "CSL continues to be a high quality, global operator with a multi-year gross margin recovery well underway to drive earnings expansion."
Domino's Pizza Enterprises Ltd (ASX: DMP)
Goldman Sachs thinks that pizza chain operator Domino's could be an ASX share to buy in 2025. Its analysts appear to believe that the worst is now behind the company. They recently "reiterate[d] buy on earnings recovery trajectory with new management and limited valuation downside." The broker has a buy rating and $39.10 price target on its shares.
DroneShield Ltd (ASX: DRO)
This counter drone technology company's shares have had a wild ride in 2024. But after pulling back materially from their highs, the team at Bell Potter believes major upside potential is on the cards in 2025. The broker has a buy rating and $1.20 price target on its shares.
Goodman Group (ASX: GMG)
Goodman Group could be an ASX share to buy. It is an integrated industrial property company. It appears well-placed to benefit from strong demand for industrial property and its network of data centres. Morgan Stanley has an overweight rating and $42.40 price target on its shares.
Pilbara Minerals Ltd (ASX: PLS)
This lithium miner's shares were sold off in 2024, potentially creating a buying opportunity in 2025. That's the view of analysts at Bell Potter, which believe that the company will soon benefit from a lithium supply deficit in 2026. The broker recently upgraded its shares to a buy rating with a $2.95 price target.
Treasury Wine Estates Ltd (ASX: TWE)
Another ASX share that could be a buy in 2025 is wine giant Treasury Wine Estates. With the China market reopening to Australian wine, the Penfolds owner appears well-placed to deliver a strong result in FY 2025. Morgan Stanley expects this to be the case and recently put an overweight rating and $14.60 price target on its shares.
WiseTech Global Ltd (ASX: WTC)
It was an eventful year for this logistics solutions technology company in 2024. Its shares enter 2025 some distance from their 52-week high, which could be a buying opportunity according to Morgan Stanley. It has an overweight rating and $160.00 price target on the ASX share.
Woodside Energy Group Ltd (ASX: WDS)
This energy giant could be severely undervalued as we enter 2025 according to analysts at Morgans. The broker has an add rating and $33.00 price target on its shares. It said: "Despite Brent oil trading in line with our long-term forecast, WDS' share price implies a near cycle-low oil price level. We do not see this as capable of being explained by WDS' growth profile (comfortably funded) or risks around non-core assets such as Browse."
Woolworths Group Ltd (ASX: WOW)
This supermarket giant's shares were sold off in 2024. This could be a buying opportunity according to Goldman Sachs. Its analysts have a buy rating and $36.20 price target on its shares. They note that Woolworths' shares are "trading below fair value."
Xero Ltd (ASX: XRO)
Finally, Goldman Sachs thinks that Xero shares could outperform again in 2025. The broker recently put a buy rating and $201.00 price target on the cloud accounting platform provider's shares. It said: "Given the company's pivot to profitable growth and corresponding faster earnings ramp, we see an attractive entry point into a global growth story."
