If you are looking for big potential returns (who isn't?), then it could be worth checking out the ASX shares in this article.

That's because they are being tipped to rise between 35% and 70% over the next 12 months. Here's what you need to know about them:

Light & Wonder Inc. (ASX: LNW)

The team at Morgans sees a lot of value in this gaming technology company's shares.

In response to its recent full year results release, the broker has retained its add rating with an improved price target of $220.00. This implies potential upside of over 35% for investors from current levels.

Morgans believes the company's strong form can continue. It 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. […] 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.

Regal Partners Ltd (ASX: RPL)

Analysts at Bell Potter think that this specialist alternative investment manager's shares are being undervalued by the market.

According to a note from this morning, the broker has reaffirmed its buy rating and $5.00 price target on the ASX share. This implies potential upside of 72% for investors between now and this time next year.

Bell Potter highlights that its shares have fallen heavily despite a strong full year result last month. It said:

RPL is not immune to volatility, however the track record, distribution, product mix, and liquidity restraints mean we would expect RPL to come through this in good shape and continue to grow FUM. At this juncture we are not changing our forecasts or price target. After strong results in February, the shares are down 24% YTD or 34% from recent peak (Nov 22 : $4.27), and we reiterate our BUY recommendation.

ResMed Inc (ASX: RMD)

The team at Goldman Sachs believes that recent weakness has created a compelling buying opportunity for investors with ResMed. It is the world's leading sleep disorder treatment company.

This week, the broker put a conviction buy rating and $49.00 price target on its shares. Based on its current share price, this suggests that upside of almost 40% is possible over the next 12 months.

Goldman has named three reasons why it is bullish on the ASX share. It explains:

Our Buy recommendation on RMD is premised on: 1) Ongoing robust new patient growth for CPAP therapy despite the market entry of GLP-1 drugs to treat OSA, 2) Further RMD market share gains, building on its #1 global market position, 3) Expansion of the OSA market in regions outside of the US.