The S&P/ASX 200 Index (ASX: XJO) reached a new all-time high on Wednesday. And while many big achievers helped drive the index to new highs, some beaten-down shares have moved in the opposite direction.
But not all of them will continue spiralling.
Here are three ASX 200 stocks that are expected to stage a turnaround this year. And some could climb as high as 100%, or even more.
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Xero Ltd (ASX: XRO)
Xero shares were in the green on Wednesday afternoon, but the stock is still down nearly 60% over the past 12 months.
The cloud-based accounting software company was caught up in the sector-wide tech sell-off and AI-related nervousness late last year (and into early 2026). This, combined with investor worry about the company's Melio acquisition, and potentially overvalued share price, saw many sell up.
But Xero's business model, which is often referred to as "sticky", has recurring revenue, global exposure, and profitability. It's actively expanding its presence and its product suite, too.
I think there's a chance that the ASX 200 stock could double in value in 2026. Some analysts think it could storm even higher. Data shows the majority (12 out of 13) have a buy or strong buy rating on the stock with a maximum target price of $229.89 a piece. That implies a huge potential 204.98% upside at the time of writing.
Pro Medicus Ltd (ASX: PME)
Pro Medicus shares enjoyed a reprieve on Wednesday and closed in the green for the day. It comes off the back of a long string of declines due to similar sector-wide headwinds, which affected Xero stock.
Three of the company's directors have increased their existing stake by purchasing additional Pro Medicus shares, which raises a green flag for other investors.
Out of 14 analysts, nine have a buy or strong buy rating on the stock. The average target price is $220.75, which implies a 91.57% upside at the time of writing. However, some think it could soar even higher to $300 a piece. That represents a potential 160.35% upside for Pro Medicus shares.
WiseTech Global Ltd (ASX: WTC)
WiseTech shares jumped over 10% after the company posted its half-year results on Wednesday morning. From an AFP and ASIC raise to a boardroom fallout, the logistics software company has sent WiseTech shares crashing over the past 8 months.
But investors are happy with the latest results announcement, suggesting that investor sentiment could finally be turning a corner for the beaten-down ASX 200 stock.
Most analysts already had a strong buy rating on the tech stock, with a maximum target price of $167.64 over the next 12 months. Even after Wednesday's rally, that implies a huge 253.23% upside for investors at the time of writing.
