These ASX 300 shares could rise 30% to 60%

Analysts think these shares could be undervalued at current levels.

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Are you looking for big returns for your investment portfolio? If you are, it could pay to look at the three ASX 300 shares named below.

Here's what sort of returns could be on offer with these shares according to analysts:

Megaport Ltd (ASX: MP1)

This network as a service provider's shares could be seriously undervalued according to analysts at Goldman Sachs.

The broker believes Megaport is well-positioned for growth in the coming years thanks to structural tailwinds and the cloud computing boom. It explains:

We believe MP1 will benefit from strong structural tailwinds from the adoption of public cloud including multi-cloud usage and the transition towards NaaS technologies.

Goldman Sachs has a buy rating and $12.00 price target on the company's shares. Based on its latest share price of $7.58, this implies potential upside of almost 60% for investors over the next 12 months.

Treasury Wine Estates Ltd (ASX: TWE)

Another ASX 300 share that could generate market-beating returns for investors is Treasury Wine.

It is one of the world's largest wine companies and the owner of a stable of high quality and popular brands. This includes the jewel in the crown, Penfolds.

Morgans is positive on the company and believes a recent acquisition could be a key driver of growth in the medium term. It said:

The acquisition [of DAOU Vineyards] is in line with TWE's premiumisation and growth strategy and will strengthen a key gap in Treasury Americas (TA) portfolio. Importantly, DAOU has generated solid earnings growth and is a high margin business. It consequently allowed TWE to upgrade its margins targets. While not without risk given the size of this transaction, if TWE delivers on its investment case, there is material upside to our valuation.

Morgans has an add rating and $14.80 price target on its shares. This suggests that upside of 32% is possible for investors from current levels.

Tyro Payments Ltd (ASX: TYR)

A third ASX 300 share that could deliver big returns for investors is Tyro Payments.

It is a payments company with approximately 71,000 merchants across Australia using its instore, online, and on-the-go payment solutions.

Morgans thinks its shares are undervalued and is tipping them as a buy following last month's results. The broker said:

While it remains a more difficult top line environment for TYR, this result demonstrated improved profitability through the benefits of TYR's pricing transformation program, and efficiency improvements. We increase our TYR FY25F/FY26F EPS by +15%-25% on improved EBITDA margin assumptions and lower D&A forecasts We maintain our ADD rating.

The broker has an add rating and $1.63 price target on its shares. This implies potential upside of 61% for investors over the next 12 months.

Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Megaport, and Tyro Payments. The Motley Fool Australia has recommended Treasury Wine Estates and Tyro Payments. 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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