Investing in the stock market always comes with its risks, but with the right insights, those risks can translate into significant rewards. Analysts have been closely watching the ASX shares listed below, and they’re tipping these stocks for potential gains of 20% to 60% over the next year. Let’s take a closer look at what makes these companies stand out.

Mineral Resources Ltd (ASX: MIN)

First up is Mineral Resources Ltd., a diversified mining and mining services company that has captured the attention of analysts at Bell Potter. Despite the challenges that have faced the mining sector, Mineral Resources has managed to position itself as a top contender for substantial returns.

Bell Potter has recently reaffirmed its “buy” rating on the company's shares, albeit with a slightly reduced price target of $66.00. With its current share price hovering around $40.15, this presents an exciting opportunity for investors, implying a potential upside of 64%.

What makes Mineral Resources so attractive? It’s all about the company’s diversified approach. The firm isn’t just focused on one type of mining but has spread its activities across multiple sectors, including lithium and iron ore. Moreover, the company has robust internal growth strategies, particularly with expansions at its Onslow site and potential ventures into lithium downstream processing. This diversification, coupled with strong insider ownership and a well-articulated business strategy, positions Mineral Resources as a solid pick for those seeking high returns.

OncoSil Medical Ltd (ASX: OSL)

Next, we turn our attention to OncoSil Medical, a medical device company specializing in innovative cancer treatment. While OncoSil Medical’s financial results for the full year ending June 30, 2024, showed a slight dip in sales and an increase in net loss compared to the previous year, the company’s future outlook is incredibly promising.

One of the most significant highlights from OncoSil's recent performance is the substantial growth in commercial treatment sales in Q4 FY24. The number of OncoSil™ doses used in commercial treatments surged by 78% compared to the same period last year and was 2.7 times the average volume for the first three quarters of FY24. This growth reflects the increasing adoption of the OncoSil™ device, particularly in the treatment of pancreatic cancer.

OncoSil Medical’s ability to expand its market reach and enhance access to its cutting-edge medical device has been a driving force behind this success. The significant demand growth for the OncoSil device not only highlights the device’s effectiveness but also indicates strong confidence from healthcare providers in using it as a crucial tool in the fight against pancreatic cancer.

For investors, this upward trajectory in sales and the broader market adoption of OncoSil™ suggest that the company is on the brink of something big. As OncoSil Medical continues to build on this momentum, it presents a compelling investment opportunity in the healthcare sector.

Qantas Airways Limited (ASX: QAN)

Lastly, let’s take a look at Qantas Airways, a company that has consistently proven its resilience and ability to bounce back from economic downturns. According to Goldman Sachs, Qantas shares are set to rise further, with a buy rating and a price target of $8.05. This implies a potential 20% upside over the next 12 months.

Goldman Sachs’ confidence in Qantas stems from the airline’s structurally stronger earnings post-COVID. Despite the challenges the airline industry has faced, Qantas’ current market capitalisation and enterprise value suggest that the stock is undervalued. As travel continues to recover, Qantas is well-positioned to benefit from increased earnings capacity, making it a strong pick for investors looking for steady gains.

Each of these ASX stocks—Mineral Resources, OncoSil Medical, and Qantas Airways—offers a unique value proposition with long term growth potential, from diversified mining and cutting-edge healthcare solutions to a robust airline recovery. Analysts believe that these stocks have the potential to deliver significant returns, ranging from 20% to 60% over the next year. Investors looking to add promising opportunities to their portfolios are worth considering.