The All Ordinaries Index (ASX: XAO) closed around 1% lower on Tuesday afternoon. The index is also now down 2% for the year-to-date. Now many have their eye focused on which ASX shares could climb even higher over the next 12 months. Here are three ASX shares that brokers think could return up to 122% over the next year.
Image source: Getty Images
Meteoric Resources Ltd (ASX: MEI)
Meteoric Resources released its highly anticipated Definitive Feasibility Study (DFS) for its Caldeira Rare Earths project in July. The study included confirmation of a 151 million tonne (Mt) ore reserve grading 3,524ppm TREO and an impressive life of mine (LOM) post-tax NPV of US$847 million at spot prices.
The project has already secured a Preliminary Environmental Licence, with the construction permit (LI) expected by the end of 2026. Meteoric has signed non-binding offtake agreements with major players in South Korea, Canada, and North America and is in advanced funding talks with several government credit agencies.
The company's next steps involve obtaining the Installation Licence and finalising project funding to move toward a final investment decision and project construction.
Last month, Meteoric also announced that its shares will begin trading on the US OTCQB Venture Market under the ticker METOF, broadening access for North American investors and supporting future growth.
Experts seem confident the business could boom over the next 12 months. Market Index data shows that all brokers have a strong buy rating on the ASX rare earths shares. The 38 cent target price implies a potential 122% upside at the time of writing.
Generation Development Group Ltd (ASX: GDG)
Generation Development Group is a diversified financial services company focused on investment and retirement products.
The company's shares have consistently tumbled lower over the past 12 months after spiking to an all-time high in October last year.
It looks like the share price decline through 2026 is part of a reset after the shares rocketed around 107% through the first three quarters of the 2025 calendar year. Many investors took profits after the shares rallied strongly over a short period.
But the company's FY26 results were strong operationally. Generation Development Group posted record funds under management last month, up 37% to $46.5 billion.
Meanwhile its underlying NPAT increased 21% to $40.7 million for FY26. Group revenue also increased 23% to $178.7 million.
Going forward, the group said it is well-placed to benefit from strong structural tailwinds across superannuation, retirement, and managed account markets in FY27. Management expects continued FUM growth, supported by adviser adoption and stable product revenue margins.
Brokers are bullish too. Market Index data shows that all brokers agree on a strong buy rating on the ASX shares. The $5.62 average target price implies about 90% upside at the time of writing.
Judo Capital Holdings Ltd (ASX: JDO)
Judo was one of the strongest-performing bank shares on the ASX earlier this year. However, the ASX bank shares crashed 43% in late June after it downgraded its profit guidance for FY26. Since then, it has struggled to recover.
Even a stronger-than-expected FY26 result in mid-August hasn't been enough to renew investor confidence.
Judo reported a 29% increase in NPAT and a 34% increase in profit before tax, at the top end of its revised guidance range.
The company also expects FY27 profit before tax to be between $210 million and $220 million, driven by growth and operating leverage. That would translate to a 30% increase.
The sell-off earlier this year seems overdone to me, and the bank appears to be performing better than the market expected.
Market Index data shows the majority of brokers have a strong buy rating on the ASX shares. The $1.51 average target price implies a potential upside of around 50%, at the time of writing.
