2 top ASX growth shares with major upside potential

Iluka share price 3D white rocket and black arrows pointing upwards

Iluka share price 3D white rocket and black arrows pointing upwards

If you’re a growth investor with room for some new additions to your portfolio, then it could be worth considering the two ASX growth shares listed below.

Here’s what you need to know about these buy-rated ASX shares:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The first ASX growth share to look at is Domino’s. It is of course the ANZ region’s leading pizza chain operator with almost 900 stores across the two countries. In addition, the company has over 1,300 stores in Europe and over 1,000 stores in Asia.

But management isn’t settling for that. It has set itself a milestone of 6,650 stores by 2033, which is 2.1x its current market size. If Domino’s delivers on this and continues its long track record of same store sales growth, this will bode well for its growth over the next decade.

Morgans is a fan of the company due to its growth plans. And following recent weakness, it believes “there is meaningful upside to the current share price over the next 12 months.”

Morgans has an add rating and $93.00 price target on its shares.

IDP Education Ltd (ASX: IEL)

Another ASX growth share that has been tipped as a buy is IDP Education. It is a provider of international student placement and English language testing services across several countries.

The team at Goldman Sachs is very positive on IDP Education’s outlook. Particularly given structural drivers and recent acquisitions. The latter have strengthened its market position in key markets.

In fact, the broker believes that IDP Education’s outlook is so strong that it is forecasting a “68% 3yr EPS CAGR (FY21-FY24E).”

In light of this strong earnings growth potential, Goldman Sachs currently has a buy rating and $35.50 price target on the company’s shares.

The post 2 top ASX growth shares with major upside potential appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of January 12th 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);

More reading

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 recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/CROM8iN

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s