S&P/ASX 200 Index (ASX: XJO) shares have struggled to pick up pace so far in 2026. The ASX 200 Index is down 0.45% at the time of writing on Thursday afternoon. For the year to date, it is just 1.84% higher.
The good news is that some ASX 200 shares are tipped to scream higher over the next 12 months. Here are five of them, and they're all forecast to gain 100% or more in 2026.
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Mesoblast Ltd (ASX: MSB)
Mesoblast is an Australian clinical-stage biotech company that develops and commercialises allogeneic cellular medicines to treat complex diseases. It has a couple of products already in use, and other cell therapy candidates are in the late stages of clinical trials. The business has exceptional potential for strong growth this year, it's well-funded, and it won't be subject to the US 100% pharmaceutical tariff. Analysts think the shares could climb another 109.52% from the share price at the time of writing, to $5.04 a piece.
Block Inc (ASX: XYZ)
The US-founded company, best known for providing payment-acquiring and related services to businesses, posted some impressive profit results late last year. But the ASX 200 company has been caught in a perfect storm of rising interest rates, regulatory scrutiny, and concerns around buy now, pay later models, which slashed investor sentiment towards the end of 2025. It looks like the sell-off has continued into 2026, but analysts are bullish that there will be a huge upside ahead. Block shares are tipped to climb as high as $245 each, which implies a 199.64% upside at the time of writing.
Nextdc Ltd (ASX: NXT)
I'm a big fan of this ASX 200 stock, and I think the business has a lot more to bring to the table amid the AI boom. NextDC operates a rapidly expanding network of data centres focused on cloud computing and telecommunications, and supports AI workloads. It has physical centres, cooling, power, security services, and project support. As data usage continues growing, demand for this type of secure, high-quality infrastructure is very likely to grow alongside it. The company is heavily investing in expanding its business, too, with new partnerships and contracts. Some analysts think the share price will climb to $29.36 a piece this year, which implies a 124.04% upside at the time of writing.
Catalyst Metals Ltd (ASX: CYL)
The Western Australian gold producer announced a significant new high-grade discovery at its Plutonic Gold Belt. The ASX 200 gold miner also delivered impressive FY25 financial results last year. This represents a long period of operational consistency and organic growth. It looks like there will be plenty more upside ahead for its shares this year. Analysts tip a maximum target price of $18.90, which implies a potential 149.01% upside at the time of writing.
Nickel Industries Ltd (ASX: NIC)
Nickel Industries owns a portfolio of mining and downstream nickel processing assets in Indonesia. It has a controlling interest in the Hengjaya nickel mine and four rotary kiln electric furnace projects. These produce nickel pig iron (NPI) for the stainless-steel industry and materials for EV batteries. The company has had a very strong start to 2026. It has posted news of a new acquisition and strong financial results, pushing its share price higher this year. The ASX 200 Nickel business is planning to expand further this year, too. Analysts are tipping the shares to climb another 131.26% to $2.10 a piece over the next 12 months, at the time of writing.
