If you have room for some new portfolio additions, then it could be worth considering the three ASX growth shares listed below.
Here’s what you need to know about these buy-rated shares:
Allkem Limited (ASX: AKE)
If you don’t mind investing in the resources sector, then a growth share to consider is Allkem. It is a top five global lithium mining company, formerly known as Orocobre, with a collection of high-quality assets. These include Olaroz, Mt Cattlin, and the Sal de Vida brine project. Allkem has been and looks set to continue benefiting greatly from the sky high lithium prices being underpinned by the clean energy transition and the rapid adoption of electric vehicles. This bodes well for its growth in the coming years. Macquarie is bullish and has an outperform rating and $12.00 price target on its shares.
Lovisa Holdings Limited (ASX: LOV)
Another ASX growth share to look at is Lovisa. It is a fast-fashion jewellery retailer with a growing store network. Lovisa recently appointed a new CEO, Victor Herrero. He was previously the Head of Asia Pacific and Managing Director Greater China for Inditex (Zara, Pull & Bear and Massimo Dutti). This went down well with the team at Macquarie, which notes that China (as well as India) will be a key focus for Lovisa. In fact, it sees scope for the company to open as many as 1,400 stores in these markets alone. Macquarie has an outperform rating and $25.00 price target on its shares.
ResMed Inc. (ASX: RMD)
A final growth share to consider is ResMed. It is a medical device company with a focus on the sleep treatment market. ResMed has been tipped to continue growing strongly over the long term thanks to its industry-leading products and massive market opportunity. It also looks set to benefit greatly in FY 2022 from a significant product recall from a key rival. Credit Suisse is a fan of ResMed and has an outperform rating and $43.00 price target on the company’s shares.
The post Analysts think growth investors should buy these ASX shares right now appeared first on The Motley Fool Australia.
Wondering where you should 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 could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
- Brokers name 3 ASX shares to buy today
- Why is the Allkem (ASX:AKE) share price in the spotlight this week?
- 3 strong blue chip ASX 200 shares to buy
- Leading brokers name 3 ASX shares to buy today
- Orocobre (ASX:ORE) share price pushes higher amid ASX 100 inclusion
Motley Fool contributor James Mickleboro owns Allkem Limited. 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 recommended Lovisa Holdings Ltd and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3rTJ6b8