Are you looking for some ASX 200 shares to buy with major upside potential? If so, it could be worth checking out the two shares in this article.
Here's what it is recommending to clients:
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Guzman Y Gomez Ltd (ASX: GYG)
This quick service restaurant operator could be an ASX 200 share to buy according to the broker.
Although it concedes that its global expansion has been disappointing, the broker believes that it will get it right in time.
In light of this, Morgans recently put a buy rating and $24.00 price target on its shares. Based on its current share price of $16.93, this suggests a 42% return is possible between now and this time next year. It commented:
If it was just about Australia, GYG would be doing just fine right now. In its home market, it continues to outperform the broader QSR industry both in terms of comp sales and network expansion. Australian earnings were up strongly in 1H26, much as we had expected. But it's not just about Australia. GYG came to market with a strategy for global expansion that was breathtakingly ambitious. The first big opportunity was the US. Unfortunately, the pace of network expansion in the US so far has been pedestrian and the restaurants it has opened have lost more money than expected.
It was a further step-up in US losses that disappointed investors most today and caused group EBITDA to fall 7% short of our forecast. We do believe global growth will click into gear at some point to complement a very healthy Australian business. We maintain a BUY rating, though our revised 12-month target sees the share price recovering to $24.00 rather than the $32.30 we had before. GYG has a bit to prove, but we can be certain it is going to give it all it's got to ultimately realise its growth ambitions.
Ramelius Resources Ltd (ASX: RMS)
Morgans is bullish on this gold miner and sees it as an ASX 200 share to buy now.
The broker was pleased with its performance during the first half and is optimistic on the future. This is partly due to the Dalgaranga operation.
Morgans has a buy rating and $5.75 price target on its shares. Based on its current share price of $3.49, this implies potential upside of 64% for investors over the next 12 months.
Commenting on the gold miner, the broker said:
1H26 result was solid with no material surprises, FY26 continues to focus on the integration of Dalgaranga (acquired via ASX SPR) into the RMS asset portfolio. Key positive: Introduction of new capital management framework and the spartan deal; A$84.9m (net) tax losses remain. Key negative: Operating cash flow (-3% pcp), free cash flow (-15% pcp) and cash/bullion on hand (-14% pcp) reflect the anticipated grade decline across the RMS Magnet Hub assets.
This was well flagged and should begin to reverse as Dalgaranga ore is introduced into the Magnet operations and ramps through the system, marking the transition to the next phase of higher-grade feed – we forecast Dalgaranga alone to contribute +A$700m per annum from FY28 onwards. We maintain our BUY rating, price target A$5.75ps (previously A$5.76).
