2 top ASX 200 shares tipped to return 23% to 45%

Morgans thinks these shares could rocket from current levels.

If you are on the hunt for big returns for your portfolio, then it could be worth checking out the two S&P/ASX 200 Index (ASX: XJO) shares listed below.

That's because they have been named as buys and tipped to rise up to 45%. Here's what is being recommended:

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Image source: Getty Images

Megaport Ltd (ASX: MP1)

This network services company could be an ASX 200 share with significant upside potential according to Morgans.

It was impressed with its performance in FY 2026 and its guidance for the year ahead. As a result, it recently put a buy rating and $25.00 price target on Megaport's shares. This implies potential upside of approximately 45% from current levels.

Commenting on its recommendation, the broker said:

MP1's FY26 underlying EBITDA and FY27 EBITDA guidance were above market expectations. Both Network and Compute delivered record growth. At first glance, simple maths suggests MP1's funding position looks tight. However, there is nearly $500m of additional funding that got lost in translation. We think MP1 ends FY27 with nearly $600m of surplus liquidity (assuming no new deals get signed).

Deals already contracted deliver $620m of annualised contracted EBITDA which means after EBITDA lifts 3x YoY in FY27, it will more than double into FY28, based on deals already signed. We upgrade to a Buy recommendation and $25 target price.

Monadelphous Group Ltd (ASX: MND)

Morgans also sees potential for this ASX 200 share to deliver market-beating returns over the next 12 months.

In response to its results last month, the broker retained its buy rating and $35.80 price target on Monadelphous shares. Based on its current share price of $29.01, this implies potential upside of 23% for investors. It commented:

FY26 was strong with EBITDA +49% YoY and NPAT +60%. Management seemed comfortable talking up the outlook more generally – across iron ore, energy, gold, rare earths and lithium – however expectations for FY27 were tempered by framing it as a consolidation year. While we acknowledge that the 1H27 comp will be difficult (1H26 revenue +45% YoY), the key lead indicators suggest that strong growth will continue into FY27 and beyond, as the E&C order book has more than doubled YoY to nearly $1.2bn (from $570m at FY25). 

MND's E&C business has never been better positioned to start the year and can capture more of the value chain during this development cycle (civils, NPI, fabrication), with the mega-projects still to be awarded (Nolans, P2000, Hemi and Mt Holland). We maintain our BUY recommendation. Target price unchanged at $35.80.

Motley Fool contributor James Mickleboro has positions in Megaport. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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