Are you looking for big returns for your investment portfolio? If you answered yes to that, then read on!

That's because listed below are two ASX 200 shares that analysts have named as buys and are tipping to rise 30%+ over the next 12 months. Here's what you need to know:

Light & Wonder Inc. (ASX: LNW)

The first ASX 200 share that could have major upside potential is Light & Wonder. It is a cross-platform global games company with a focus on poker machines and digital markets.

Morgans is a very big fan of the company and recently put an add rating on its shares with an improved price target of $220.00. Based on its current share price of $126.42, this suggests that upside of over 70% for investors.

Commenting on its recent quarterly update, the broker said:

Light & Wonder delivered another impressive result despite the litigation headwinds. Much of the heavy lifting was done by LNW's land-based division, with strong international outright sales and a net addition of 853 units qoq in North American gaming ops. Our EPS estimates increase by ~7-8% across FY25-26F, largely due to the inclusion of the Grover Gaming acquisition in our forecasts. Most importantly, the acquisition is incremental to LNW's pre-existing guidance.

Looking ahead, the company has guided to low double-digit Adj-EBITDA growth in 1Q25, which we expect to accelerate through the year. With resilient US slot demand, strong gaming ops expansion and disciplined cost management, we believe LNW remains well-positioned for continued outperformance. We maintain our ADD recommendation and increase our target price from A$175 to A$220.

Nextdc Ltd (ASX: NXT)

Goldman Sachs sees this data centre operator as an ASX 200 share to buy now. The broker currently has a buy rating and $14.70 price target on its shares. Based on its current share price of $11.28, this implies potential upside of 30% for investors between now and this time next year.

Its analysts believe that its shares are undervalued given its compelling growth profile and a proven and profitable business model. They explain:

We are particularly positive on NXT and are Buy rated given the rapid growth in cloud adoption, which has been supported by the continued evolution of the enterprise telecommunications market, and the significant demand by both public and private investors for digital infrastructure assets.

We believe the company has a compelling growth profile and a proven and profitable business model, noting it trades on a growth-adjusted discount vs. peers, which we view as unjustified.