Macquarie has revealed which S&P/ASX 200 Index (ASX: XJO) shares it expects to deliver strong capital growth in the new year.
The top broker has given the following shares outperform ratings and optimistic 12-month price targets despite today’s volatility.
Let’s check them out.
ASX 200 shares set to outperform in 2026: broker
Here is a selection of Macquarie’s top ASX 200 share tips across the 11 market sectors for 2026.
Materials
Macquarie likes ASX 200 gold share Bellevue Gold Ltd (ASX: BGL), which is trading at $1.29 on Thursday, up 3%.
The broker has a price target of $1.70 on the stock, implying a potential 32% upside.
Macquarie is also backing James Hardie Industries plc (ASX: JHX) shares for a strong recovery after a 40% dive in 2025.
The James Hardie share price is currently $29.92.
The broker has a price target of $40.60 on the building materials supplier, implying a potential 36% gain over 12 months.
Technology
The Macquarie Technology Group Ltd (ASX: MAQ) share price is down 22% in the year to date to $68.19 on Thursday.
The broker has high hopes for this ASX 200 tech share with a 12-month price target of $97.30, suggesting a 43% rise.
Macquarie also likes NextDC Ltd (ASX: NXT) shares with a price target of $20.90.
The NextDC share price is currently $13.87, suggesting a potential 51% upside over the next 12 months.
As we reported this week, ASX 200 tech shares are officially in a bear market amid fears of an AI bubble and high valuations.
Financials
The top broker has a $2.50 price target on GQG Partners Inc (ASX: GQG) shares, which are trading at $1.80 today, up 7.5%.
This implies a potential capital gain of 39%.
Macquarie also likes Pinnacle Investment Management Ltd (ASX: PNI) shares with a price target of $26.55.
The ASX 200 financial share is $17.63 on Thursday, up 3.8%. The broker’s target implies a meaty 51% potential upside.
Industrials
Macquarie has a price target of $8.10 on navy shipbuilder Austral Ltd (ASX: ASB).
Increased global spending on defence is a major tailwind for this ASX 200 industrial share, which is $6.62 apiece today.
This implies a potential 22% gain from here.
The broker is also optimistic on IPH Ltd (ASX: IPH) shares, which are trading for $3.46 on Thursday, down 0.7%.
Macquarie is tipping a 60% upside with its $5.55 price target.
Utilities
Macquarie is backing AGL Energy Limited (ASX: AGL) shares for 2026 with a price guide of $11.
The AGL share price is $9, up 0.2% on Thursday, so the broker is expecting a 22% gain from here.
Consumer discretionary
Macquarie is positive on Temple & Webster Group Ltd (ASX: TPW) shares with a price target of $31.30.
Temple & Webster shares were smashed this week after the online furniture retailer reported an 18% lift in sales for 1H FY26 so far.
The Temple & Webster share price is $14.20, up 2.7% today, with a potential 120% capital gain on the cards if Macquarie is right.
The broker also likes ARB Corporation Ltd (ASX: ARB) shares with a price target of $44.90 compared to the current share price of $33.84.
Consumer Staples
In this sector, the broker likes ASX 200 agricultural share Bega Cheese Ltd (ASX: BGA).
The Bega Cheese share price is $5.98, down 0.8% on Thursday.
Macquarie has a price target of $6.80 on the stock, suggesting a potential near-14% upside.
The broker also foresees Coles Group Ltd (ASX: COL) shares surpassing their record high in 2026.
The Coles share price is $22.44, up 0.4% on Thursday and well down on the record $24.28 reached in September.
Macquarie has a price target of $26.10 on the second biggest ASX 200 consumer staples share on the market.
This implies a potential 16% capital gain from here and a new all-time high for Coles shares.
Healthcare
Despite its share price plunge this year, Macquarie is backing CSL Ltd (ASX: CSL) for a comeback in 2026.
The CSL share price is $185.61 on Thursday, up 1.5%.
Macquarie’s 12-month price target is $275.20, suggesting a potential 48% gain from here.
The broker also likes sleep apnoea device maker, Resmed CDI (ASX: RMD) shares.
Macquarie has a price target of $49.20 on this ASX 200 healthcare share, which is trading 0.2% lower today at $39.24.
Communications
Macquarie likes Seek Ltd (ASX: SEK) shares with a price target of $32.50, implying a potential 32% increase over the next 12 months.
The Seek share price is $24.56, up 1% today.
Another ASX 200 communications share on the broker’s radar for 2026 is carsales.com.au owner Car Group Limited (ASX: CAR).
The CAR share price is $34.73 on Thursday, up 1.5%.
The broker foresees 13% in capital growth over the next 12 months with a price target of $39.
Energy
Macquarie has a share price target of $11.10 on the market’s largest ASX 200 uranium share, Paladin Energy Ltd (ASX: PDN).
The Paladin Energy share price is $7.82, down 2%, so the broker’s tip suggests a potential 42% upside from here.
The broker also expects a recovery in the Santos Ltd (ASX: STO) share price after a difficult year and a withdrawn takeover bid.
The Santos share price is $6.44, down 1.9%. Macquarie’s price target is $8.15, implying a potential 26% increase ahead.
Real estate & REITs
Macquarie has a $6.74 price target on ASX 200 real estate share Lendlease Group (ASX: LLC).
Lendlease shares are $5.18, down 0.6% today, so the broker’s tip implies a potential 30% upside from here.
Macquarie also likes sector leader Goodman Group (ASX: GMG) with a price target of $34.73.
The Goodman Group share price is $29.66, up 0.9% on Thursday.
The post Macquarie reveals ASX 200 share tips in each market sector for 2026 appeared first on The Motley Fool Australia.
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More reading
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- Why Amcor, DroneShield, Harvey Norman, and QBE shares are falling today
- Why are ASX 200 gold stocks like Northern Star smashing the benchmark on Thursday
- Should you buy Temple & Webster shares after the crash?
- Are Lendlease shares a bargain after hitting fresh lows?
Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ARB Corporation, CSL, Goodman Group, Macquarie Group, Pinnacle Investment Management Group, ResMed, and Temple & Webster Group. The Motley Fool Australia has positions in and has recommended Macquarie Group, Pinnacle Investment Management Group, and ResMed. The Motley Fool Australia has recommended ARB Corporation, CAR Group Ltd, CSL, Goodman Group, Gqg Partners, IPH Ltd , and Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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