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:
Altium Limited (ASX: ALU)
The first ASX growth share to look at is Altium. It is a printed circuit board (PCB) design software provider that has carved out a leading position in a growing electronic design market thanks to the quality of its technology. But the company isn’t settling for that and is now aiming to dominate this market with its cloud-based Altium 365 product. Analysts at Jefferies are positive on its future. The broker currently has a buy rating and $48.83 price target on its shares.
Breville Group Ltd (ASX: BRG)
Another growth share that could be a buy is Breville. It is a leading appliance manufacturer responsible for a number of popular brands. These include the Kambrook, Sage and Breville brands. The team at Morgan Stanley is very positive on the company. This is due partly to its global expansion, burgeoning product pipeline, and favourable consumer trends. Last week the broker retained its overweight rating and $36.00 price target on Breville’s shares.
Hipages Group Holdings Ltd (ASX: HPG)
A third ASX growth share to look at is Hipages. This leading Australian-based online platform and software as a service (SaaS) provider connects consumers with trusted tradies. While its recent quarterly update was disappointing due to the impact of lockdowns on its tradie subscriptions, Goldman Sachs remains confident that a post-lockdown rebound is coming. After which, it believes Hipages is well-placed for strong long term growth as it grows its ecosystem into a huge addressable market. The broker currently has a buy rating and $4.60 price target on its shares.
NEXTDC Ltd (ASX: NXT)
A final growth share that could be a buy is NEXTDC. It 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 expansion into edge centres. The company also has its eyes on the Asia market and has opened up offices in Singapore and Tokyo. These markets could provide NEXTDC with a long growth runway.
Citi is a fan and currently has a buy rating and $15.40 price target on NEXTDC’s shares.
The post 4 fantastic ASX growth shares to buy appeared first on The Motley Fool Australia.
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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 owns and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has recommended 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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