If you are on the hunt for ASX 200 stocks with the potential to deliver big returns in 2026, then read on!
That's because listed below are two that analysts are bullish on and believe could rise over 45% from current levels.
Here's what they are recommending to clients:
Guzman Y Gomez Ltd (ASX: GYG)
Morgans sees major upside potential in this ASX 200 stock. The broker has a buy rating and $32.30 price target on the Mexican food focused quick service restaurant operator's shares. Based on its current share price of $22.10, this implies potential upside of 46% for investors over the next 12 months.
It thinks that the company's focus on menu innovation will support sales growth in the medium time. Morgans commented:
GYG has launched its latest limited-time offer (LTO): the BBQ Chicken Double Crunch (BBQ CDC). Early feedback suggests the item is one of GYG's more indulgent menu items and taste tests have been overwhelmingly positive. The product leverages existing ingredients, meaning no incremental complexity or cost for stores, a margin-friendly innovation that aligns with GYG's operational discipline. Management has repeatedly emphasised that menu innovation is a key lever for same-store sales (SSS) growth, and this launch reinforces that commitment. We reiterate our BUY rating.
Nickel Industries Ltd (ASX: NIC)
Another ASX 200 stock that analysts are tipping to rise strongly from current levels is Nickel Industries. It is a growing nickel producer with assets in Indonesia.
Bell Potter recently put a buy rating and $1.20 price target on its shares. Based on its current share price of 80 cents, this implies potential upside of 50% between now and this time next year.
The broker likes the company due to its long life and low cost assets, as well as its positive production growth outlook. Commenting on its buy recommendation, Bell Potter said:
Nickel Industries operations are located in Indonesia and are long-life, bottom-of-the-cost-curve projects. In 1HCY26 we anticipate the delivery of major positive growth catalysts. These include ore production rampup to a 19Mtpa run-rate (pending permits) at the Hengjaya Mine and the commissioning of the ENC HPAL project for ramp-up to full production of +70ktpa in1HCY26. We expect these developments to increase production, margins and EBITDA. While nickel prices are under pressure, NIC has shown the ability to make money through the cycle, which is a key attribute of attractive long-life assets.
