Are you looking for big returns for your investment portfolio? If you are, then it could pay to listen to what analysts are saying about the ASX 200 shares in this article.

They have been named as buys and tipped to rise 30% to 40% over the next 12 months. Here's what you need to know about them:

Light & Wonder Inc. (ASX: LNW)

The first ASX 200 share that is being recommended as a buy by analysts is Light & Wonder.

It is a leading cross-platform global games company with operations across land-based games, digital/mobile games, and iGaming. It aims to "create immersive content that forges lasting connections with players, wherever they choose to engage."

The company also highlights that with its "technologically advanced systems and real-time insights and solutions, driving player loyalty and operational efficiencies have never been easier."

Bell Potter is very positive on the company despite the recent Dragon Train litigation. Even without earnings from this game, the broker estimates that Light & Wonder could grow its earnings in the double digits through to at least 2026. It said:

We anticipate 8-11% annual EBITDA growth rates over CY24-26, driven by further R&D investment that enhances game performance and results in market share gains across the North American premium leased market, global outright game sales markets, and online gaming markets. Additionally, we view the recent turmoil surrounding the Dragon Train preliminary injunction as an attractive entry point.

Bell Potter currently has a buy rating and $180.00 price target on its shares. This suggests that upside of approximately 30% is possible for investors from current levels.

Megaport Ltd (ASX: MP1)

Due to its exposure to the artificial intelligence (AI) megatrend, Morgans believes that Megaport shares could generate huge returns for investors.

Megaport is a technology company aiming to change how businesses connect their infrastructure, with one smart and simple platform to manage every connection. It allows users to build secure, scalable, and agile networks in just a few clicks, accessing global endpoints and creating private paths in minutes.

Commenting on the company, Morgans said:

Megaport is a global cloud connection network and the leading Network as a Service provider. It operates the largest data centre connection business in the world, connecting to 850 data centres through a fully automated, on-demand telco network. We think it is uniquely placed to help business move data globally and benefit from the growth of data related to both cloud computing and AI.

Its analysts have an add rating and $12.50 price target on its shares. This implies potential upside of almost 40% for investors over the next 12 months.