If you’re looking to bolster your portfolio with some growth shares, then you might want to take a look at the ones listed below.
Here’s why these quality ASX growth shares have been tipped as ones to buy right now:
Altium Limited (ASX: ALU)
The first ASX growth share to look at is Altium. It is the printed circuit board (PCB) design software provider behind the popular Altium Designer platform. Over the last few years, Altium has earned itself a leading position in a growing electronic design market.
But management isn’t settling for that and is now aiming to dominate this market with its cloud-based Altium 365 product. And while the short term will be tough because of the COVID headwinds it is facing, the future remains very bright. This is thanks to the proliferation of electronic devices globally, which is driving demand for specialist design software.
Analysts at Credit Suisse are positive on its future. The broker currently has an outperform rating and $35.00 price target on Altium’s shares.
IDP Education Ltd (ASX: IEL)
Another growth share to look at is IDP Education. It is a provider of international student placement and English language testing services. The company is also co-owner of the high stakes language test, IELTS. It has been operating for almost 50 years and has offices in over 30 countries.
Given how international student travel has come to a standstill, IDP Education has been hit hard by the pandemic. However, the company has a very strong balance sheet, which appears to have put it in a strong position to win market share once the crisis passes.
Analysts at Morgans are fans of the company and currently have an add rating and $25.09 price target on its shares. They believe that IDP Education is well placed for growth once trading conditions return to normal.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd. 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 Bruce Jackson.
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