Are these the ASX growth shares to buy for 2023?

happy investor, share price rise, increase, up

happy investor, share price rise, increase, up

If you’re interested in adding some ASX growth shares to your portfolio, you may want to look at the two listed below.

These growth shares have recently been named as buys by experts. Here’s what they are saying about them:

Cochlear Limited (ASX: COH)

The first ASX growth share that has been named as a buy is Cochlear. It is one of the world’s leading hearing solutions companies.

Due to its portfolio of world class products in an industry with high barriers of entry, Cochlear has been tipped to grow strongly over the long term. Particularly given how the industry is benefiting from favourable tailwinds such as ageing populations.

Goldman Sachs is bullish on Cochlear and has a buy rating and $247.00 price target on its shares. Its analysts believe the company is well-placed to hit the top end of its guidance in FY 2023. The broker said:

In our view, the backdrop for this year appears relatively more favourable, and we see clear scope for COH to deliver at the upper-end of another solid guidance (+8-13% to $290-305m, with further accretion possible from the Oticon Medical transaction, which is yet to close).

IDP Education Ltd (ASX: IEL)

Another ASX growth share that has been named as a buy is IDP Education. It is a language testing and student placement company and a co-owner of the IELTS test.

The IELTS test is the English test that is trusted by more governments, universities, and organisations than any other. This puts the company in a great position to benefit from the growing number of people learning English globally.

Goldman Sachs is also a big fan of IDP Education. Last week, the broker reiterated its buy rating and $36.00 price target on the company’s shares. Its analysts believe that IDP’s shares are trading at an attractive level based on its growth potential. It said:

IEL is trading c.10% below its 5-yr average P/E. The stock is trading at a relatively undemanding 2.2x PEG based on its historic FY22 PE of 79x and forecast 35% FY22-25E 3-yr EPS CAGR.

The post Are these the ASX growth shares to buy for 2023? 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 Cochlear Ltd. and Idp Education Pty Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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

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