Are you on the lookout for some big returns for your investment portfolio?
If you are, then it could be worth checking out the three ASX 200 shares in this article.
That's because they have been tipped to rise between 20% and 40% by analysts at Bell Potter. Here's what they are recommending:
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Aristocrat Leisure Ltd (ASX: ALL)
Bell Potter thinks that this gaming technology company's shares could have major upside potential.
This morning, the broker has retained its buy rating on the ASX 200 share with a $70.00 price target (from $80.00). Based on its current share price of $50.33, this implies potential upside of approximately 40% for investors over the next 12 months. It said:
We retain our Buy recommendation. We continue to expect ALL's leading R&D investment will drive market share gains. Top 2 game performance observed in both the core sales and premium gaming ops markets leaves us confident that ALL can grow the install base >4.0k per year and grow global shipments. Further, with leverage standing at 0.2x, ALL has substantial M&A firepower to boost growth inorganically.
Bega Cheese Ltd (ASX: BGA)
Another ASX 200 share that Bell Potter expects to rise strongly is diversified food company Bega Cheese. This morning, in response to its half-year results, the broker has retained its buy rating with an improved price target of $7.75 (from $7.00). Based on its current share price of $6.21, this suggests that upside of 25% is possible for investors.
Bell Potter believes the Vegemite owner can achieve its $250 million EBITDA target in 2027. It said:
Our Buy rating is unchanged. BGA's >$250m EBITDA target is in reach and achieved by executing on capital investment and site consolidation initiatives already underway. Trading on a FY26e PE of 26.9x for three-year compound EPS growth of 24% p.a. BGA is a compelling GARP play and one of the few exposures on the ASX leveraged to the growing consumer preference for higher protein formats, through both its branded portfolio and specialised ingredient platform.
Sonic Healthcare Ltd (ASX: SHL)
Finally, this healthcare company's shares could be undervalued according to Bell Potter. It has retained its buy rating on the ASX 200 share with a slightly improved price target of $28.75 (from $28.50). Based on its current share price of $23.34, this implies potential upside of 23%.
Bell Potter was relatively pleased with Sonic Healthcare's half-year results and has lifted its earnings estimates. It said:
We have made modest changes to our earnings estimates across FY26e-FY28e with increases to EPS of 1.7%/1.4%/1.3%. The result is a c.1% upgrade in our TP to $28.75/sh, which represents c.23% upside to the current share price. We expect this result to support investor sentiment, which has struggled in recent times, with the prospect of trading multiples reverting toward long-term averages.
