Over the last 12 months, the ASX 200 index has risen over 7%. While this is a decent return, it pales in comparison to some of the returns that have been recorded by ASX shares.
For example, the three ASX shares listed below have absolutely smashed the market. And the good news is that there may be more to come according to analysts. Here's what you need to know:
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Life360 Inc (ASX: 360)
The Life360 share price is up almost 130% since this time last year. Investors have been fighting to get hold of the location technology company's shares thanks to its explosive growth and transition to positive cash flow.
The good news is that analysts don't believe it is too late to climb on board. For example, Bell Potter has a buy rating and $17.75 price target on the ASX share. This implies potential upside of 15% for investors over the next 12 months.
It highlights that the company has "the potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents." Bell Potter also believes that its performance during COVID highlights "the potential for continued strong growth in the base with market conditions now back to normal."
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price has smashed the market and climbed 62% over the last 12 months.
The catalyst for this has been a combination of exceptionally strong sales and earnings growth from the radiopharmaceuticals company and very promising trial updates.
In respect to its financial performance, last month the company released its first quarter update and revealed a 75% increase in revenue to $175 million. Telix's gross profit grew even quicker and was up 84% to $115.4 million.
This went down well with analysts at UBS. The broker has put a buy rating and $19.30 price target on its shares. This implies potential upside of almost 9% for investors.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price has also risen 62% over the last 12 months. This has been driven by a solid performance so far in FY 2024 and the belief that its shares were undervalued last year.
In respect to the former, the youth fashion retailer reported an 8.5% increase in group sales and a 16.7% jump in net profit after tax during the first half.
Despite its strong rise, Morgans believes this ASX share can keep climbing. It has put an add rating and $6.50 price target on its shares, which implies potential upside of 30% for investors from current levels.
