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

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

Lovisa Holdings Limited (ASX: LOV)

The first ASX growth share to look at is fast-fashion jewellery retailer Lovisa.

While its shares have been on fire since the release of an exceptionally strong full year result for FY 2022, the team at Macquarie still sees plenty of room for them to climb even higher.

According to a recent note, the broker has retained its outperform rating and lifted its price target to $27.70.

Based on the current Lovisa share price of $22.87, this implies potential upside of 21% for investors over the next 12 months.

Macquarie was impressed with Lovisa’s strong performance in FY 2022 and believes more of the same is coming. Particularly given its exposure to the lower price point costume jewellery category and younger consumers. The broker feels this area of retail is likely to perform well during an economic downturn.

Megaport Ltd (ASX: MP1)

Another ASX growth share that has been tipped as a buy is Megaport.

It is the global leader in elastic interconnection services, using software defined networking to rapidly connect users’ networks to other services across the Megaport Network.

Goldman Sachs is a big fan of the company and has a buy rating and $10.30 price target on its shares. Based on the current Megaport share price of $7.26, this implies potential upside of 42% for investors over the next 12 months.

The broker believes Megaport is well-placed for strong long term growth thanks to its product leadership in the rapidly growing network as a service/SD-WAN addressable markets.

The post Analysts say these exciting ASX growth shares have at least 20% upside appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• 3 ASX All Ords shares smashing new highs on Monday
• Why Allkem, Capricorn Metals, Lovisa, and Pilbara Minerals shares are rising today
• Here’s why the Lovisa share price leapt 8% on Monday
• Why these 3 ASX shares could be in for a massive boost this month

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 MEGAPORT FPO. The Motley Fool Australia has recommended Lovisa Holdings Ltd and MEGAPORT FPO. 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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The S&P/ASX 200 Materials Index (ASX: XMJ) closed 0.7% lower on Tuesday, but three ASX lithium shares bucked the trend.

The Global Lithium Resources Ltd (ASX: GL1), Zenith Minerals Limited (ASX: ZNC), and Power Minerals Ltd (ASX: PNN) share prices all lifted today.

Let’s take a look at what’s going on with these companies.

Power Minerals

Shares in Power Minerals rose 10.2% today despite no news from the company. However, multiple ASX lithium shares lifted today.

Among the big players, the Core Lithium Ltd (ASX: CXO) share price soared 9.93% while Pilbara Minerals Ltd (ASX: PLS) jumped 7%. This follows JP Morgan upgrading Pilbara to outperform and boosting its price target to $4.10.

Analysts are predicting the lithium market could be undersupplied until 2025. The broker also lifted its price target for lithium carbonate to 20% and predicted spodumene prices to surge by 25%.

On Friday, Power Minerals announced drilling will commence at the Salta Lithium-Brine Project in northwest Argentina.

Global Lithium Resources

The Global Lithium Resources share price soared nearly 12% today.

It seems investors were buying up shares amid optimism for the lithium market today. Also, the company advised an extra reverse circulation drilling rig is now in use at the Manna Lithium project, located in Western Australia, 100km east of Kalgoorlie.

The second rig will provide Global Lithium will more drilling information ahead of the Mineral Resource Estimate (MRE). Global Lithium plans to provide an update on the MRE in late 2022.

Commenting on the news, geology head Stuart Peterson said:

With the addition of the second RC rig from K-Drill, along with the double shifting Diamond rig, the geological information flow from the Manna Lithium Project is the highest it’s ever been.

Zenith Minerals

The Zenith Minerals share price leapt nearly 7% today. Zenith is exploring lithium and other battery metals. Today, the company advised it has defined a new nickel, copper and platinum drill target at the Waratah Well project in Western Australia.

This project is a joint venture with the EV Metals Group. The companies are also exploring lithium at the site. Drill testing will take place between late September and early October.

Zenith managing director Michael Clifford said:

The Ni-Cu-PGE target fits within our strategy of battery minerals leveraged to the increasing global demand for metals critical to the production processes of new energy industrial sectors

The post 3 little-known ASX lithium shares that rocketed today appeared first on The Motley Fool Australia.

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More reading

• Global Lithium shares edged higher today amid ‘very promising’ results
• Why are ASX lithium shares having such a cracking start to the week?
• Why is the Global Lithium share price rocketing 13% on Wednesday?

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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It ended up being a fairly disappointing day for ASX shares and the S&P/ASX 200 Index (ASX: XJO) on Tuesday. As of market close, the ASX 200 went backwards by 0.38%, giving up the gains that we saw early in the session. But it was a different story for one of the ASX 200’s incoming members Sayona Mining Ltd (ASX: SYA) shares.

The Sayona Mining share price ended up having a cracking day. The ASX lithium share closed at 25.5 cents apiece yesterday. But by the end of today’s trading session, the company had risen to 27 cents per share, a healthy gain of 5.88%.

So what went so right for this ASX lithium up-and-comer?

Why did the Sayona Mining share price leap higher on Tuesday?

Well, we don’t know for sure, unfortunately. There hasn’t been much in the way of news or announcements from Sayona recently. Its most recent ASX release was put out after close last Friday, informing the markets that the company would be joining the ASX 200 index later this month.

However, we did get some news regarding one of Sayona’s peers in the ASX lithium space today. This could have had an impact.

As my Fool colleague Tristan comprehensively covered this afternoon, brokers at JP Morgan have taken another look at the Pilbara Minerals Ltd (ASX: PLS) share price and liked what they saw.

The broker upgraded Pilbara shares to an outperform rating, with an improved 12-month share price target of $4.10. This upgrade is due to JP Morgan’s view that the global lithium market will remain tight for many years to come, giving Pilbara (and other ASX lithium shares) a powerful tailwind.

The broker also raised its long-term forecast for lithium carbonate and spodumene prices by 20% and 25% respectively. This would also bode well for all ASX lithium shares.

Perhaps in response, the Pilbara share price rose a pleasing 7.03% today to $3.96 a share today. It also looks as though this optimism has flowed onto other ASX lithium shares, including the Sayona mining share price. No doubt that will be welcomed by shareholders.

At the last Sayona Mining share price, this ASX lithium share has a market capitalisation of $2.24 billion.

The post Why did the Sayona Mining share price shoot 6% higher today? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why Karoon Energy, Pilbara Minerals, PointsBet, and Whitehaven Coal are rising
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why broker JP Morgan just upgraded the Pilbara Minerals share price
• Here are the top 10 ASX 200 shares today

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Sebastian Bowen has positions in JPMorgan Chase. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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The New Hope Corporation Limited (ASX: NHC) share price finished Tuesday’s session up a healthy 6.12% at $5.72. This came after the ASX coal miner hit a new 10-year high of $5.79 just moments before market close.

For context, the S&P/ASX 200 Energy Index (ASX: XEJ) gained just 0.5% for the day. Elsewhere though, other ASX coal shares also enjoyed a stellar session on Tuesday. The Whitehaven Coal Ltd (ASX: WHC) share price notched up its own all-time high, finishing the day 3.65% higher, while Yancoal Australia Ltd (ASX: YAL) shares finished 6.34% higher.

New Hope shares reached the 10-year milestone despite there being no news from the company today. However, macro tailwinds have been developing, boosting ASX coal miners. Let’s go over the highlights.

What’s been boosting New Hope?

New Hope shares enjoyed strong gains today on the back of some positive news for the sector overall. Firstly, as reported by The Australian Financial Review, despite increasing global pressure to reduce reliance on fossil fuels, Prime Minister Anthony Albanese has reiterated that Australia will continue to be a key international supplier of energy materials like gas and coal.

Speaking at the annual Minerals Council of Australia dinner on Monday night, he said:

Australia will continue to be a trusted and stable supplier of energy and resources to our key trading partners. As we work with other nations to reduce emissions globally, we will continue to be a reliable provider of energy.

Secondly, the global energy continues to worsen, boosting the demand for coal and sending profits soaring for Australia’s largest coal mining shares.

Over the weekend, Russia shut down its Nord Stream 1 gas pipeline, restricting supply to several European nations and forcing them to find alternative energy supplies. This resulted in future contracts of Newcastle Coal rising to a new high of US$435 per tonne.

Meanwhile, Whitehaven Coal, which made a $1.95 billion profit for FY22, reported in its annual results release to the ASX late last month that the outlook for coal remains strong:

It is likely to take several years before additional supply or alternative energy sources are available to rebalance global supply and demand dynamics.

New Hope share price snapshot

The New Hope share price has gained a whopping 156% this year to date. By comparison, the S&P/ASX 200 Index (ASX: XJO) is down 8.3% over the same period.

The company’s market capitalisation based on the current share price is around $4.76 billion.

The post Why did the New Hope share price just surge 6% to a 10-year high? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• How are ASX 200 energy stocks performing on Tuesday?
• Here are the top 10 ASX 200 shares today
• Why are ASX 200 coal shares smashing the market on Monday?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Matthew Farley has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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