The S&P/ASX 200 Index (ASX: XJO) closed 0.37% lower on Wednesday afternoon. For the year-to-date the index is 0.63% higher and it's 4.53% above where it was this time last year.
The index hasn't posted mind-blowing gains so far this year, and it's currently sitting 3.4% below its all-time high in mid-October. But there are still some shares gaining good ground and with a significant potential upside in 2026.
Here are four of them, and they're all tipped to rocket over 100% higher in 2026.
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Paragon Care Ltd (ASX: PGC)
Small-cap stock Paragon, which supplies medical equipment to the health and aged care markets, has a market cap of $355.89 million.
At the close of the ASX on Wednesday, its share price was flat at 22 cents per share. The stock is also flat on the year-to-date but is currently 55.10% below where it was trading this time last year.
The figures don't look too appealing right now but it's important to note that Paragon reported a strong FY25 result which showed the business is growing its core operations. It is also actively expanding with some strategic acquisitions. Most recently, the company acquired Haju Medical in Indonesia, in December.
Analysts are incredibly bullish on the stock. TradingView data shows that all four analysts have a strong buy consensus rating, with a maximum 12-month target price of 59 cents per share. That implies a huge potential 168.18% upside at the time of writing.
Xero Ltd (ASX: XRO)
On the other end of the scale there is large-cap cloud-based accounting software, Xero. The business has suffered from some investor overselling following lower-than-expected financial results last year and an unexpected acquisition news.
But I think the reaction was way overdone. I believe the business shows incredible potential for growth this year.
As a company, Xero has previously demonstrated that it can remain resilient and grow through various stages of economic cycles. And it is also actively expanding its product line and business presence through acquisitions.
Analysts are bullish too. TradingView data shows 11 out of 14 analysts have a buy or strong buy rating on the ASX shares. The maximum target price is a huge $228.45 a piece, which implies the shares could jump 130.99% over the next 12 months, at the time of writing.
Telix Pharmaceuticals Ltd (ASX: TLX)
It was a tough day for the Telix share price on Wednesday. At the close of the ASX, Telix shares had fallen 7.66% to $10.61. That means that for the year-to-date the shares are now 6.6% lower. They're now 59.95% below where they were this time last year.
The share price dip follows the company's Q4 FY25 results where it said it had achieved its US$804 million FY25 guidance. But it did come in on the lower end of guidance. Investors clearly weren't too pleased. It's just one of many headwinds that Telix has faced over the past few months, including regulatory filing issues with the US Food and Drug Administration.
But the company still has exceptional growth potential amid a rapidly-growing market, and at the current share price, I think it's a steal.
Analysts seem to agree too. TradingView data shows all 16 analysts have a buy or strong buy rating on the stock. And the best bit is the maximum 12-month target price is $33.82. That's 218.73% above the current trading price. Even the average target price is $26, which implies a 145.08% increase over the next 12 months, at the time of writing.
