S&P/ASX All Ords Index (ASX: XAO) shares are 0.9% lower at 9,115.5 points on Tuesday.

With earnings season over, brokers have updated their ratings and 12-month price targets on hundreds of ASX shares.

Here are six stocks with strong upside potential.

NextDC Ltd (ASX: NXT)

The NextDC share price is $12.46, down 2.3% today.

Over the past month, this ASX tech share has fallen 14%.

UBS has a buy rating on NextDC shares with a $23.45 target.

This suggests a potential 88% upside ahead.

Nine Entertainment Co. Holdings Ltd (ASX: NEC)

The Nine Entertainment share price is 86 cents, down 3.2% today.

Over the past month, this ASX communications share has dropped 15%.

Morgan Stanley has a buy rating on Nine shares with a 12-month target of $1.40.

This suggests a potential 63% upside ahead.

Qantas Airways Ltd (ASX: QAN)

The Qantas share price is $9.30, down 0.3% today.

This ASX travel share has fallen 11% over the past month.

Morgan Stanley has a buy rating on Qantas shares with a $12.80 target.

This implies potential capital growth of 38% over the next year.

Centuria Capital Group (ASX: CNI)

The Centuria Capital Group share price is $1.33, up 3.7% today.

Over the past month, this ASX real estate investment trust (REIT) has fallen 11%.

MA Financial Group has a buy recommendation on Centuria Capital Group shares with a $1.83 target.

This indicates potential capital gains of 38% over the next year. 

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is $11.61, down 0.9% today.

Over the past month, this ASX uranium share has spiked 12%.

Canaccord Genuity has a buy call on Paladin Energy shares with a $15.80 target.

This suggests a potential 36% upside ahead.

Pro Medicus Ltd (ASX: PME)

The Pro Medicus share price is $168.81, up 0.1% today.

Over the past month, this ASX healthcare share has fallen 4%.

Bell Potter has a buy rating on Pro Medicus shares with a $226 target.

This indicates capital gains of 34% over the next year. 

In a note, the broker commented:

PME reported FY26 revenue and EBIT growth of 23% and 26% respectively with the result at EBIT modestly (1.5%) ahead of consensus earnings.

As the revenue base of the group expands the top line growth is decelerating, however, margin expansion continues and this drove the small earnings beat.

FY26 EBIT margin expanded by a further 190bps to 75% and is likely to continue at this rate for the foreseeable future.

The post 6 ASX shares tipped by brokers to rise 34% to 87% appeared first on The Motley Fool Australia.

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• Down 43%! 4 reasons to buy the BIG dip in Pro Medicus shares today
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• Buy, hold, sell: Pro Medicus, BHP, CBA shares

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 recommended Pro Medicus. The Motley Fool Australia has recommended Ma Financial Group, Nine Entertainment, and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Oil prices are back in the spotlight, and Goldman Sachs thinks they could stay higher for longer than previously expected.

Brent crude is trading around US$97 a barrel today, while West Texas Intermediate (WTI) crude is near US$93.

That puts oil close to its highest level in around 3 months amid renewed fighting in the Middle East.

And despite some signs that supply conditions are improving, Goldman Sachs has now lifted its oil price forecasts for 2027.

So, how high does the investment bank think oil could go?

Goldman lifts its forecast

According to The Australian, Goldman Sachs co-head of global commodities Daan Struyven now expects Brent crude to average around US$80 a barrel next year.

That is US$5 higher than the bank’s previous forecast, although it’s still well below the US$97 level Brent is trading at today.

The reason Goldman isn’t expecting oil to stay this high is that the hit to global supply has not been quite as bad as first feared.

Commercial oil inventories in developed economies have “barely drawn” since the fighting began. Instead, much of the shortfall has been covered by strategic reserves, oil already at sea and stockpiles in China.

There have also been signs that production is recovering.

In April, output from Gulf producers was around 14.3 million barrels per day below pre-war levels. By July, Goldman estimates that gap had narrowed to around 8 million barrels per day.

Oil could still go much higher

Keep in mind, there’s still plenty that could send oil prices above Goldman’s base case.

Around 7 million barrels per day of crude oil and refined products reportedly continue to move through the Strait of Hormuz.

That makes any further disruption to the important shipping route something investors will be watching closely.

Goldman’s own scenarios show just how wide the range of possible outcomes still is.

If Gulf production continues to be heavily disrupted, the bank believes Brent could climb above US$120 a barrel.

On the other hand, if supply conditions improve faster than expected, prices could fall back into the low US$60’s.

Not only that, but there could also be some relief later on. New pipelines are expected to come online in late 2027, which should make it easier to move oil around the region.

What does it mean for investors?

Oil has already had a massive run.

Trading Economics shows WTI crude has climbed roughly 49% over the past 12 months, while Brent is up around 47%.

That has been a big tailwind for oil producers, including a number of ASX-listed energy stocks such as Woodside Ltd(ASX: WDS) and Santos Ltd (ASX: STO).

But with Brent now trading around US$97 a barrel, Goldman’s US$80 forecast suggests a decent pullback could be coming next year.

Obviously, that could weigh on oil stocks, so I’d be cautious about chasing ASX energy shares after the recent rally.

The post Could oil stay near US$100? Goldman Sachs just changed its forecast appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Rio Tinto Ltd (ASX: RIO) shares are drifting lower on Tuesday, down 0.89% to $175.79 at the time of writing.

The move is fairly modest compared with the stock’s performance over the past year.

Rio Tinto shares are up almost 20% in 2026 and around 49% over the past 12 months. The stock also traded as high as $182.70 late last month, putting it close to its 52-week high.

So, investors have had plenty to cheer about.

But there’s a new development out of China that could be worth keeping an eye on.

China is pushing harder on iron ore

According to The Australian, China Mineral Resources Group (CMRG) has told some steel mills to stop buying Rio Tinto’s flagship Pilbara Blend while contract negotiations continue.

CMRG has been negotiating iron ore purchases on behalf of China since 2022, with the aim of using the country’s huge buying power to push for better prices and terms.

And Rio Tinto isn’t the first miner to feel the pressure. BHP Group Ltd (ASX: BHP) only reached a deal with CMRG in April after around 7 months of negotiations, while Fortescue Ltd (ASX: FMG) has also faced tougher talks with the state-backed buyer.

Iron ore is still Rio Tinto’s biggest earnings contributor, and China buys a huge amount of what it produces. If the dispute drags on and Chinese mills continue holding back purchases, it could eventually start weighing on sales volumes or the prices Rio Tinto receives.

At this stage, there is no suggestion it will get that far, but it’s still something investors will want to follow closely.

Copper is closing the gap

The good news is the business is becoming much more balanced.

In the first-half of 2026, iron ore generated US$6.8 billion of EBITDA. Copper was close behind at US$5.7 billion, while aluminium and lithium contributed another US$3.3 billion.

Copper EBITDA jumped 84% from the first-half of 2025, helped by stronger prices and higher production from the Oyu Tolgoi mine in Mongolia.

The overall result was strong too. Underlying EBITDA rose 28% to US$14.8 billion, underlying earnings climbed 43% to US$6.85 billion and free cash flow increased 75% to US$3.8 billion.

Rio Tinto also lifted its interim dividend by 43% to US$3.4 billion.

And then there’s the AI boom

There could also be another source of demand coming from the huge amount of money being spent on AI and data centres.

CEO Simon Trott recently pointed out that the raw materials Rio Tinto produces can make up “up to 70 per cent of the value” of the materials used in a data centre.

That could become a much bigger opportunity, with spending by hyperscalers forecast to approach US$1 trillion next year.

Copper is an obvious beneficiary, but aluminium and lithium could also benefit as more data centres are built and electricity demand continues to grow.

The post Is China about to become a problem for Rio Tinto shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.