Analysts say these top ASX growth shares could jump over 30%

A graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off just like the Althea share price today

A graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off just like the Althea share price today

If you’re looking to take advantage of recent market weakness to pick up shares on the cheap, then you may want to consider the two listed below.

Both have recently been rated as buys with major upside potential. Here’s what you need to know:

Breville Group Ltd (ASX: BRG)

Breville could be a growth share to buy. It is a leading appliance manufacturer which has been growing at a solid rate for years. This has been driven by the popularity of its products, its continued investment in research and development, and expansion into new geographic markets. Pleasingly, this strong form has continued in FY 2022. This morning the company advised that it expects its EBIT to grow 14.4% year on year to ~$156 million.

This went down well with analysts at Macquarie. In response to the news, the broker has retained its outperform rating with a $23.80 price target. Based on the current Breville share price, this implies potential upside of over 31% for investors.

IDP Education Ltd (ASX: IEL)

IDP Education is another ASX growth share that could have plenty of upside for investors. It is a provider of international student placement services and English language testing services. After a tough time during the pandemic, IDP has bounced back strongly in FY 2022. For example, during the first half, it reported a 47% increase in revenue to a record of $397 million and a 70% lift in net profit after tax to $52.9 million.

Goldman Sachs was pleased with this and expects its growth to continue in the coming years. In fact, it is forecasting a 68% three-year earnings per share compound annual growth rate between FY 2021 and FY 2024. Outside FY 2024, Goldman expects the “compelling long-term structural growth in international student volumes and IELTS testing demand” to support its growth.

The broker currently has a buy rating and $35.50 price target on its shares. Based on the current IDP Education share price, this implies potential upside of 53% for investors.

The post Analysts say these top ASX growth shares could jump over 30% appeared first on The Motley Fool Australia.

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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. has positions in and has recommended Idp Education Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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