If you’re looking for growth shares, then look no further. Listed below are four ASX growth shares which have been tipped for strong growth in the future.
Here’s why analysts have rated them as buys:
Breville Group Ltd (ASX: BRG)
The first growth share to buy is Breville. It is a leading appliance manufacturer responsible for a number of popular brands. These include Kambrook, Sage and the eponymous Breville brand. The team at Morgans is positive on the company. This is thanks partly to its global expansion, burgeoning product pipeline, and favourable consumer trends. The broker recently put an add rating and $34.00 price target on its shares.
Hipages Group Holdings Ltd (ASX: HPG)
Hipages could be a growth share to buy. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. Goldman Sachs expects its strong growth to continue as it grows its ecosystem into a huge addressable market. The broker currently has a buy rating and $5.15 price target on its shares.
NEXTDC Ltd (ASX: NXT)
Another growth share that could be a buy is NEXTDC. If is a leading data centre operator which appears well-placed to benefit from the structural shift to the cloud. Particularly given its world class network of centres and its expansion into edge centres. The company also has its eyes on the Asia market and has opened up offices in a couple of key markets. Citi is a fan and currently has a buy rating and $15.40 price target on NEXTDC’s shares.
Temple & Webster Group Ltd (ASX: TPW)
A final ASX share to look at is this online furniture and homewares retailer. It appears well-placed for growth over the long term thanks to the ongoing structural shift online, which is only really getting start. For example, management estimates that just 7% to 9% of category sales were made online in 2020. This is significantly lower than the US, which has ~25% of category sales online. This bodes well for Temple & Webster given its leadership position online. The team at UBS recently initiated coverage on the company with a buy rating and $12.20 price target on its shares.
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Motley Fool contributor James Mickleboro owns NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Hipages Group Holdings Ltd. and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Hipages Group Holdings Ltd. and Temple & Webster Group Ltd. 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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