2 ASX shares with the potential to double in a year, and the risk that keeps me cautious

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One of these ASX shares could climb up to 123% higher. The post 2 ASX shares with the potential to double in a year, and the risk that keeps me cautious appeared first on The…

ASX shares have climbed higher so far in November amid easing inflation fears and an investor rotation back into growth shares, particularly technology.

Meanwhile, falling global oil prices, sparked by renewed hope of easing Middle East tensions following the US midterm elections, have boosted overall market confidence.

With the ASX showing signs of renewed momentum, it made me question, which companies could deliver some of the strongest returns over the next 12 months?

But finding shares with the potential to double is only half the challenge. Every opportunity comes with some element of risk, so it's also important to know what could hold the share price growth back.

So, I decided to scour the ASX for shares with the potential to double over the next year, and highlight the risk that keeps me cautious.

Megaport shares fell to a three-year low of just $6.48 in April this year as a few strong headwinds, including an investor rotation away from tech shares and a disappointing first-half FY26 result, smashed investor confidence.

But since hitting that multi-year low, it looks like Megaport's headwinds quickly cooled and its shares roared back to life. A surge in investor confidence in technology stocks, a strong FY26 earnings result, and several new contract wins has seen the shares rebound 193% from that dip to the time of writing.

Analysts are very bullish that the shares can jump a lot higher this year. TradingView data shows that 17 out of 18 analysts have a buy/strong buy rating on the shares. And experts tip a maximum target price of $37.32. That implies a potential 94% upside over the next 12 months, close to double the share price at the time of writing.

Analysts at Citi have a buy rating on the cloud infrastructure company's shares. In a note earlier this month, the broker pointed to strong demand for AI computing chips and low supply of computing capacity, which it thinks is encouraging for Megaport's expanding AI infrastructure operations.

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