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 shares:
Allkem Ltd (ASX: AKE)
The first ASX growth share to consider is Allkem. It is a top five global lithium miner that is benefiting greatly from sky high lithium prices thanks to its Mt Cattlin and Olaroz operations. In addition, the company has a collection of projects that could come online in the near future and support strong production growth in the coming years. It is for this reason that Allkem is the top lithium pick for analysts at Morgans. The broker currently has an add rating and $14.83 price target on its shares. The Allkem share price ended the day at $10.09.
Lovisa Holdings Limited (ASX: LOV)
Another ASX growth share to look at is Lovisa. It is a fast-fashion jewellery retailer with a growing global store network. Lovisa is another company that Morgans is positive on. Its analysts rate the retailer highly thanks to its significant expansion potential and highly experienced management team leading the charge. All in all, the broker believes Lovisa has the potential to be one of the biggest success stories in Australian retail. And while it accepts that investment will be needed to expand its network in the US and Europe and to take the brand into new markets, it believes the returns could be “stellar.” Morgans has an add rating and $24.00 price target on its shares. The Lovisa share price is currently fetching $18.64.
Xero Limited (ASX: XRO)
A final ASX growth share to consider buying is Xero. It is a leading cloud-based business and accounting software provider. Xero’s successful evolution into a full service small business solution has led to millions of small to medium sized businesses globally subscribing and running their businesses through its platform. This has underpinned strong revenue and profit growth in recent years and, pleasingly, the team at Goldman Sachs expects this trend to continue for a long time to come. This is thanks to its global expansion, the ongoing shift to cloud solutions, and its burgeoning app ecosystem. Goldman Sachs has a buy rating and $135.00 price target on the company’s shares. This compares to the latest Xero share price of $98.56.
The post 3 excellent ASX growth shares analysts believe have huge upside potential appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro owns Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Xero. The Motley Fool Australia owns and has recommended Xero. The Motley Fool Australia has recommended Lovisa Holdings 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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