These FTSE 250 shares are tipped to rise 14% to 18% in the next year!

Share prices have rocketed across the FTSE 250 in recent weeks. The UK’s second most prestigious share index is up 4% so far this quarter, boosted by hopes of interest rate cuts and an improving British economy.

But plenty of top shares across the index still look undervalued at current prices. Here are two I think could be set for significant share price gains in the coming months.

In fact, City analysts believe they will soar between 14% and 18% in value over the next 12 months. Here’s what investors need to know about them.

Games Workshop Group

Games Workshop‘s (LSE:GAW) revenues are dependent on strong economic conditions. Its fantasy products attract a loyal fanbase, but the retailer and manufacturer isn’t immune to pressures on consumer spending.

Yet with inflationary pressures easing and interest rate cuts expected, demand for its wargaming systems and associated products are tipped to rebound. This in turn is expected to pull its share price northwards.

Four analysts currently have a rating on the company’s shares. And the average 12-month price target among them stands at £115.10 per share. That’s a premium of approximately 18% from current levels.

Games Workshop is the market leader in what’s a rapidly growing global hobby. Its miniature wargames — the most famous of which is Warhammer 40,000 — sell in huge volumes and at massive margins.

But it remains vulnerable to competition from more affordable rivals.

However, it’s working hard to try and futureproof its business. Not content with global store expansion, the firm is looking to take earnings to the next level by producing programmes and films with streaming giant Amazon.

Licensing its intellectual property (IP) would open up its universe to a much bigger audience. And this could supercharge royalty revenues as well as sales of its miniatures and games systems.

News on its Amazon partnership is expected soon, and could be the next major catalyst for Games Workshop’s share price.

ITV

Commercial broadcasters like ITV (LSE:ITV) are also highly sensitive to economic conditions. When consumers are tightening their pursestrings and inflation is damaging corporate profits, spending on advertising tends to fall sharply.

This has indeed smacked this FTSE 250 company hard in recent times and remains a risk for the firm. But signs of recovery in advertising budgets suggest the firm’s profits and share price could be about to rebound.

City analysts certainly believe so. ITV’s share price is tipped to hit 89.44p per share within the next year. This would constitute a 14% mark-up from today’s levels, and is the average estimate from 10 brokers.

The broadcaster’s advertising revenues rose 3% in the first quarter, and are tipped to accelerate to 12% in the current quarter. As the UK economy pulls away from recession and interest rates (likely) fall, they could continue to move through the gears, pushing profits skywards.

But this is not the only possible driver for ITV’s share price. Momentum remains strong for its ITVX streaming platform, while revenues are also booming at its ITV Studios production arm.