ASX 200 tech stock Life360 Ltd (ASX: 360) has been on a remarkable run in 2024, with its share price soaring 129.95% this year to date.

Shares in the family tracking app company are currently swapping hands at $17.20, and there's no doubt investors are wondering what this figure could be worth in a year's time.

And after such an impressive run to date, the big question is, can Life360 shares rally next year? Let's see what the experts think.

Price targets for Life360 shares

Goldman Sachs has a price target of $19.75 on Life360 shares, while Bell Potter is a bit more optimistic, setting a target of $20.50.

Averaging these two gives us a target price of $20.13 for the next 12 months.

If the ASX 200 tech stock hits this average price target, here's how your investment could fare:

• Current share price: $17.20
• Expected share price based on Goldman Sachs and Bell Potter forecasts: $20.13
• Expected increase based on this average target: 17%

So, a hypothetical investment today could potentially grow 17% this time next year, assuming these analyst predictions hold true.

But if Bell Potter is right, you'd be looking at a 19% return versus a 15% gain in Goldman Sachs' scenario.

Either way, the projection is greater than the average 10% long-term return of the broad market.

Will the ASX 200 tech stock get there?

Stock prices are set on the back of company fundamentals. To that point, the ASX 200 tech stock has been posting double-digit revenue figures.

In its recent Q2 update, the company reported a 23% increase in annualised monthly revenue (AMR) to US$304.8 million.

This growth is driven by its expanding user base, now exceeding 70 million active users globally.

Bell Potter notes the company's "ample runway for subscription business in the US" and a target for 25% pre-tax margins.

The company's user base continues to grow, and with a subscription model in place, this translates into recurring revenue.

Meanwhile, the Surrey Australian Equities Fund points to the expanding global Monthly Active User (MAU) base as a key driver of growth. It saw a 15% gain on its Life360 investment in August.

According to CommSec, consensus rates it a buy, composed of 12 buys and two holds. So, if you were to ask the broker crowd, the majority might say the ASX 200 tech stock will carry higher prices next year.

Foolish takeaway

Based on analyst predictions and the company's performance, many see the ASX 200 tech stock trading higher next year.

In the past year, the stock is up 99%.