Are you on the lookout for some big returns to supercharge your investment portfolio?

If you are, then it could be worth looking at the ASX shares listed below that have recently been tipped to rise by 35%+ by brokers.

Here's what you need to know about them:

Johns Lyng Group Ltd (ASX: JLG)

Analysts at Morgans think that this insurance building and restoration services company's shares are undervalued right now. Especially given the announcement of a new acquisition, which the broker is positive on. It said:

We see Keystone as highly complementary to JLG's existing IB&RS business, which provides further scale to the group's domestic operations (particularly within QLD) as well as increased exposure to commercial and large loss claims work. Incorporating Keystone into our forecasts see our EBITDA upgraded by ~7% in FY25-27F, while increased level of debt to fund Keystone (and SSKB & Chill-rite), sees our EPS forecasts increase ~4%.

Morgans has an add rating and $5.10 price target on the ASX share. This implies potential upside of 39% for investors over the next 12 months.

Light & Wonder Inc (ASX: LNW)

This gaming developer's shares were sold off last week after being hit with an injunction from Aristocrat Leisure Limited (ASX: ALL). While this is disappointing, Goldman Sachs thinks the selling was overdone and believes the company will still outperform consensus estimates in FY 2025. It said:

This update is disappointing for LNW, given the early successes of Dragon Train in Australia and the US. However, while we take no view on the outcome of litigation, we believe the LNW share price move (-18%) post announcement appears overdone given: (1) Impact on near-term consensus earnings is likely to be limited, noting that the company reaffirmed its US$1.4bn FY25 target (+1% vs. VAe consensus of US$1,392), with Dragon Train estimated to account for less than 5% of this target (i.e. implying earnings were tracking ahead of LNW targets before this injunction).

Goldman has a buy rating and $190.00 price target on its shares. This suggests that upside of 41% is possible for investors from current levels.

Xero Ltd (ASX: XRO)

Goldman also continues to believe that Xero shares could deliver big returns for investors. In fact, last week, the broker lifted its price target even higher, predicting that it won't be long until its shares break through the $200 mark.

Its analysts are positive on the company due to its huge long-term growth opportunity. They said:

We see Xero as very well-placed to take advantage of the digitisation of SMBs globally, driven by compelling efficiency benefits and regulatory tailwinds, with >100mn SMBs worldwide representing a >NZ$100bn TAM. Given the company's pivot to profitable growth and corresponding faster earnings ramp, we see an attractive entry point into a global growth story with Xero our preferred large-cap technology name in ANZ – the stock is Buy rated.

Goldman has a buy rating and $201.00 price target on the company's shares. This implies potential upside of 35% for investors over the next 12 months.