Looking for outsized returns? Well, now could be a great time to buy the ASX All Ords stock in this article.

That's the view of analysts at Macquarie Group Ltd (ASX: MQG), which believe there is significant upside on the cards for investors over the next 12 months.

Which ASX All Ords stock?

The stock in question is IPH Ltd (ASX: IPH). It is a leading intellectual property (IP) services company, comprising a network of member firms servicing more than 25 IP jurisdictions.

According to a note out of the investment bank this morning, its analysts remain very positive on the ASX All Ords stock despite softer industry volumes. They said:

IPH's continued lower filing activity saw market share in Australia broadly flat MoM with May 27.7% prior to seasoning. IPH PCT filings remain volatile, down -27% yoy in May. […] US PCT activity growth remains negative (-4.9% qtr rolling, -5.0% annual rolling to Feb-25). Allowing for a 12-18mth delay between primary market filings (US) and secondary market filings (Aust), current Aust activity correlates with the historical weak US activity.

April saw positive seasoning with the market and all IPH firms gaining filings. March saw slight positive seasoning in market activity only and in February, both the market and IPH filing activity remains unchanged and may be fully seasoned.

While these numbers aren't fantastic, Macquarie feels that the market is being overly harsh on the ASX All Ords stock.

Based on its estimates, IPH shares are trading at under 11x FY 2025 earnings with a partially franked dividend yield greater than 7%, rising to almost 8% by FY 2027.

In light of this, the broker sees potential for very strong returns for investors over the next 12 months.

Big return potential

This morning, Macquarie has reaffirmed its outperform rating and $6.75 price target on IPH's shares.

Based on its current share price of $4.84, this implies potential upside of 40% for investors between now and this time next year.

And if we add in that 7% dividend yield, the total potential return stretches to approximately 47%.

To put that into context, a $5,000 investment would be worth $7,350 in a year if Macquarie is on the money with its recommendation.

Commenting on its bullish view of the ASX All Ords stock, the broker said:

Despite volatile operating performance, the valuation is attractive. 2H25 earnings momentum may act as a catalyst.