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.

FREE Guide for New Investors

Despite what some people may say – we believe investing in shares doesn’t have to be overwhelming or complicated…

For over a decade, we’ve been helping everyday Aussies get started on their journey.

And to help even more people cut through some of the confusion “experts” seem to want to perpetuate – we’ve created a brand-new “how to” guide.

Yes, Claim my FREE copy!
*Returns as of November 7 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 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 https://ift.tt/VdJWizk

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