Are you looking to add some growth shares to your portfolio in October?
If you are, then the three ASX growth shares listed below could be worth considering. Here’s why analysts rate them as buys:
Allkem Ltd (ASX: AKE)
The first ASX growth share that has been tipped as a buy is Allkem. It is a leading lithium miner with projects in Argentina, Australia, and North America. The company is already producing large quantities of lithium, but won’t stop there. It is now aiming to grow its production in a manner that allows it to maintain a 10% share of global lithium supply over the long term.
Macquarie is bullish on Allkem due to the strong lithium pricing outlook. As a result, it has put an outperform rating and $21.00 price target on its shares.
NextDC Ltd (ASX: NXT)
Another ASX growth share that has been named as a buy is NextDC. It is one of the ANZ region’s leading data centre operators with a portfolio of world class centres across key locations throughout Australia. But like Allkem, NextDC isn’t resting on its laurels. It is now looking to expand into regional locations and overseas in Asia. This appears to put NextDC is a strong position to benefit from the ongoing structural shift to the cloud.
Goldman Sachs believes NextDC is well-placed for long term growth and has put a buy rating and $14.20 price target on its shares.
Treasury Wine Estates Ltd (ASX: TWE)
A final ASX growth share that has been tipped as a buy is Treasury Wine. It is the wine giant behind popular brands such as Penfolds, 19 Crimes, and Wolf Blass. The company was a very strong performer in FY 2022 thanks to its growing US business and the success of its premiumisation strategy.
Pleasingly, Morgans is bullish on Treasury Wine’s outlook and is forecasting “strong earnings growth” over the next few years. In light of this, it has put an add rating and $13.93 price target on its shares.
The post Analysts say these ASX growth shares are buys appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Why is the Core Lithium share price in the green today?
- Can ASX lithium shares charge higher over the rest of 2022?
- Which has more upside, Allkem or Pilbara Minerals shares?
- 3 excellent ASX growth shares analysts rate as buys
Motley Fool contributor James Mickleboro has positions in Allkem Limited and NEXTDC Limited. 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 recommended Treasury Wine Estates Limited. 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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