The S&P/ASX 200 Index (ASX: XJO) has fallen lower in Tuesday afternoon trade off the back of surging oil prices and investor concerns about potential interest rate increases.
At the time of writing, the ASX 200 is down around 1% for the day, and is now roughly 2% lower than 12 months ago.
But brokers have pinpointed some ASX 200 shares which could drag the index higher over the next year. Here are two of them, and they're forecast to return up to 83% to investors.
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NextDC Ltd (ASX: NXT)
NextDC operates data centres in Australia, New Zealand and Southeast Asia. The company builds and operates secure facilities where businesses can house their servers and IT equipment.
It has physical centres, cooling, power, and security services and project support. And as data usage explodes, demand for secure, high-quality infrastructure is likely to grow alongside it.
The company is heavily investing in expanding its business too, including plans to accelerate the development of new facilities and expand existing sites, including its Sydney projects.
Just last week the company confirmed it had secured a $1.1 billion funding boost to support its growth plans.
The company will also be added to the S&P/ASX 50 Index as part of a quarterly rebalance, effective from the 21st of September.
Late last month the company also reported a record FY26 result, including a 16% increase in total revenue, a 16% increase in net revenue, and a 15% increase in underlying EBITDA. Net revenue and underlying EBITDA figures came in above guidance.
For FY27, NextDC has guided for net revenue between $615 million and $640 million and underlying EBITDA of $385 million to $410 million, representing expected growth of over 50%.
Brokers are very bullish about the outlook for the ASX 200 shares over the next 12 months. Market Index data shows all brokers have a strong buy rating on the stock and the $20.79 average target price implies a potential upside of 83% at the time of writing.
Mesoblast Ltd (ASX: MSB)
The clinical-stage ASX biotech company has had a slow start to 2026 but leapt higher in mid-July. The shares have slumped again over the past month, seemingly off the back of an increase in investor caution around clinical timelines and profit-taking after the mid-year rally.
Late last month the company reported a sharp increase in revenue to US$120.3 million for FY26 (up from US$17.2 million in FY25) and a 44% reduction in net loss to US$57.5 million.
But there are opportunities for robust growth going forward. Mesoblast develops and commercialises allogeneic cellular medicines to treat complex diseases. Some products are already in use, and other cell therapies are in the late stages of clinical trials.
Some of its products, particularly Mesoblast's Ryoncil product, are gaining traction and the business is well-funded.
Looking ahead, Mesoblast said it plans to expand its Ryoncil label to adults with severe SR-aGvHD and further advance development for chronic low back pain using rexlemestrocel-L.
The company is also planning to develop next-generation cell therapies through new CAR-MSC and oncolytic virus technologies, broadening its pipeline for inflammatory and immunological diseases.
Brokers are also bullish that business growth and sales can continue growing strongly in FY27. Market Index data shows all brokers agree on a strong buy rating for the ASX 200 shares. The $3.60 target price implies a potential 73% upside, at the time of writing.
