The S&P/ASX 200 Index (ASX: XJO) is in the red again in Tuesday morning trade, reversing some gains seen on Monday. But, here are four ASX 200 shares which I think could push the index significantly higher over the next 12 months.
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Telix Pharmaceuticals Ltd (ASX: TLX)
Telix shares have tumbled 10% in May so far, but they're still 56% higher than a multi-year low recorded in mid-February. At the time of writing on Tuesday morning, the ASX 200 biopharmaceutical stock is tumbling again, down 2.38% to $13.11 a piece.
The beaten down share price has faced several headwinds recently, including short-selling and sluggish investor sentiment. But the company is rapidly expanding into the radiopharmaceutical sector and recently announced a new FDA approval, a major collaboration, a revenue increase, and a bumper FY26 revenue guidance.
Brokers seem to think there is plenty more room for the stock to run too. They tip a 79% upside to $23.60 a piece, at the time of writing.
Zip Co Ltd (ASX: ZIP)
Zip shares have suffered a volatile start to 2026 so far. Its share price has swung anywhere between $1.45 and $3.56 a piece. At the time of writing, the shares are down another 2.22% to $2.20 each.
The tech shares have been under pressure since reaching a multi-year high in October last year. It was caught up in a tech sector-wide sell-off and investors took gains off the table after a strong rally. The ASX 200 tech shares continue to soften this month, likely due to slumping sentiment. Technology and growth shares have also come under renewed pressure again as investors reassess valuations and risk appetite.
But I think the stock is now oversold and trading far below fair value. Brokers tip a 74% upside to $3.83, at the time of writing.
Light & Wonder Inc (ASX: LNW)
Light & Wonder shares are down 0.39% to $115.79 in early morning trade on Tuesday. The tech-based gaming company's shares surged to an all-time high in January. But the shares then crashed 44% to a three-year low of $102.66 in early May after the company posted its first quarter FY26 earnings results. The result was mixed, with a 2% increase in revenue and 5% increase in adjusted EBITDA. Meanwhile net income fell a huge 37%. Investors quickly sold up shares and while there has been a small rebound since, sentiment hasn't yet returned.
Brokers are much more optimistic and expect a 73% upside to $198.50 over the next 12 months, at the time of writing.
Life360 Inc (ASX: 360)
Life360 shares are down another 0.74% to $18.86 at the time of writing on Tuesday morning. The latest share price is now 66% lower than an all-time high recorded in October last year.
The company has faced several headwinds, including the tech-sector-wide sell-off, a rotation away from AI-related stocks, and concerns that prices had become overvalued. But the ASX 200 company shows potential for a resurgence this year. It recently reported a 38% increase in revenue for the latest quarter, and upgraded its FY26 adjusted EBITDA and revenue guidance.
Brokers are very bullish about the outlook for Life360 shares over the next 12 months, with consensus of a strong upside ahead. They tip the shares to climb another 70% to $34.01.
