Macquarie has revealed which S&P/ASX 200 Index (ASX: XJO) shares it expects to deliver strong capital growth in the new year.
The top broker has given the following shares outperform ratings and optimistic 12-month price targets despite today's volatility.
Let's check them out.
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ASX 200 shares set to outperform in 2026: broker
Here is a selection of Macquarie's top ASX 200 share tips across the 11 market sectors for 2026.
Materials
Macquarie likes ASX 200 gold share Bellevue Gold Ltd (ASX: BGL), which is trading at $1.29 on Thursday, up 3%.
The broker has a price target of $1.70 on the stock, implying a potential 32% upside.
Macquarie is also backing James Hardie Industries plc (ASX: JHX) shares for a strong recovery after a 40% dive in 2025.
The James Hardie share price is currently $29.92.
The broker has a price target of $40.60 on the building materials supplier, implying a potential 36% gain over 12 months.
Technology
The Macquarie Technology Group Ltd (ASX: MAQ) share price is down 22% in the year to date to $68.19 on Thursday.
The broker has high hopes for this ASX 200 tech share with a 12-month price target of $97.30, suggesting a 43% rise.
Macquarie also likes NextDC Ltd (ASX: NXT) shares with a price target of $20.90.
The NextDC share price is currently $13.87, suggesting a potential 51% upside over the next 12 months.
As we reported this week, ASX 200 tech shares are officially in a bear market amid fears of an AI bubble and high valuations.
Financials
The top broker has a $2.50 price target on GQG Partners Inc (ASX: GQG) shares, which are trading at $1.80 today, up 7.5%.
This implies a potential capital gain of 39%.
Macquarie also likes Pinnacle Investment Management Ltd (ASX: PNI) shares with a price target of $26.55.
The ASX 200 financial share is $17.63 on Thursday, up 3.8%. The broker's target implies a meaty 51% potential upside.
Industrials
Macquarie has a price target of $8.10 on navy shipbuilder Austal Ltd (ASX: ASB).
Increased global spending on defence is a major tailwind for this ASX 200 industrial share, which is $6.62 apiece today.
This implies a potential 22% gain from here.
The broker is also optimistic on IPH Ltd (ASX: IPH) shares, which are trading for $3.46 on Thursday, down 0.7%.
Macquarie is tipping a 60% upside with its $5.55 price target.
Utilities
Macquarie is backing AGL Energy Limited (ASX: AGL) shares for 2026 with a price guide of $11.
The AGL share price is $9, up 0.2% on Thursday, so the broker is expecting a 22% gain from here.
Consumer discretionary
Macquarie is positive on Temple & Webster Group Ltd (ASX: TPW) shares with a price target of $31.30.
Temple & Webster shares were smashed this week after the online furniture retailer reported an 18% lift in sales for 1H FY26 so far.
The Temple & Webster share price is $14.20, up 2.7% today, with a potential 120% capital gain on the cards if Macquarie is right.
The broker also likes ARB Corporation Ltd (ASX: ARB) shares with a price target of $44.90 compared to the current share price of $33.84.
Consumer Staples
In this sector, the broker likes ASX 200 agricultural share Bega Cheese Ltd (ASX: BGA).
The Bega Cheese share price is $5.98, down 0.8% on Thursday.
Macquarie has a price target of $6.80 on the stock, suggesting a potential near-14% upside.
The broker also foresees Coles Group Ltd (ASX: COL) shares surpassing their record high in 2026.
The Coles share price is $22.44, up 0.4% on Thursday and well down on the record $24.28 reached in September.
Macquarie has a price target of $26.10 on the second biggest ASX 200 consumer staples share on the market.
This implies a potential 16% capital gain from here and a new all-time high for Coles shares.
Healthcare
Despite its share price plunge this year, Macquarie is backing CSL Ltd (ASX: CSL) for a comeback in 2026.
The CSL share price is $185.61 on Thursday, up 1.5%.
Macquarie's 12-month price target is $275.20, suggesting a potential 48% gain from here.
The broker also likes sleep apnoea device maker, Resmed CDI (ASX: RMD) shares.
Macquarie has a price target of $49.20 on this ASX 200 healthcare share, which is trading 0.2% lower today at $39.24.
Communications
Macquarie likes Seek Ltd (ASX: SEK) shares with a price target of $32.50, implying a potential 32% increase over the next 12 months.
The Seek share price is $24.56, up 1% today.
Another ASX 200 communications share on the broker's radar for 2026 is carsales.com.au owner Car Group Limited (ASX: CAR).
The CAR share price is $34.73 on Thursday, up 1.5%.
The broker foresees 13% in capital growth over the next 12 months with a price target of $39.
Energy
Macquarie has a share price target of $11.10 on the market's largest ASX 200 uranium share, Paladin Energy Ltd (ASX: PDN).
The Paladin Energy share price is $7.82, down 2%, so the broker's tip suggests a potential 42% upside from here.
The broker also expects a recovery in the Santos Ltd (ASX: STO) share price after a difficult year and a withdrawn takeover bid.
The Santos share price is $6.44, down 1.9%. Macquarie's price target is $8.15, implying a potential 26% increase ahead.
Real estate & REITs
Macquarie has a $6.74 price target on ASX 200 real estate share Lendlease Group (ASX: LLC).
Lendlease shares are $5.18, down 0.6% today, so the broker's tip implies a potential 30% upside from here.
Macquarie also likes sector leader Goodman Group (ASX: GMG) with a price target of $34.73.
The Goodman Group share price is $29.66, up 0.9% on Thursday.
