If you’re a fan of growth shares, then you may want to look closely at the three shares listed below.
Here’s why these could be growth shares to buy:
Altium Limited (ASX: ALU)
The first growth share for investors to look at is Altium. It is the electronic design software provider behind the Altium 365 and Altium Designer platforms. In addition, the company owns the Nexus collaboration platform and the Octopart search engine for electronic parts. All of Altium’s platforms have exposure to the printed circuit board (PCB) market, which is growing strongly thanks to favourable industry trends such as Internet of Things (IoT) and artificial intelligence.
The team at Bell Potter is bullish on Altium and is forecasting strong growth in the coming years. It currently has a buy rating and $38.75 price target on the company’s shares.
Breville Group Ltd (ASX: BRG)
Another ASX growth share to look at is Breville. It is the leading appliance manufacturer behind the Baratza, Kambrook, Sage, and eponymous Breville brands. Thanks to its ongoing investment in product development, these brands have been resonating well with consumers for many years. Combined with its international expansion, this has supported solid sales and earnings growth over the last decade. Pleasingly, the team at Morgans expect this to continue and is forecasting double-digit sales growth over the next few years.
Morgans currently has an add rating and $32.00 price target on its shares.
Megaport Ltd (ASX: MP1)
A final ASX growth share that could be a buy is Megaport. It is a leading cloud connectivity and networking solutions provider with operations across a large number of data centres globally. Megaport has been tipped to grow rapidly in the coming years by Goldman Sachs thanks to the long-term structural tailwinds of public cloud adoption (and multi-cloud usage) and the transition towards Networking as a Service (NaaS). Goldman estimates that these tailwinds currently provide it with a $129 billion per annum opportunity across its current geographies.
The broker has a buy rating and $19.90 price target on its shares.
The post Here are 3 ASX growth shares analysts are tipping as buys appeared first on The Motley Fool Australia.
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More reading
- These 2 ASX shares are growing rapidly, are they unstoppable?
- ASX 200 (ASX:XJO) midday update: Energy shares rise on oil price jump, Megaport sinks
- Megaport (ASX:MP1) share price sinks 7% after $39m founder share sale
- 5 things to watch on the ASX 200 on Friday
- Is the Altium (ASX:ALU) share price too cheap to ignore?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Altium and MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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