Are you looking to add some growth shares to your portfolio?
If you are, two explosive ASX growth shares that could be worth considering are listed below. Hereâs what you need to know about them:
Allkem Ltd (ASX: AKE)
The first ASX growth share to consider is Allkem. It is one of the worldâs largest lithium miners with projects in Argentina, Australia, and North America.
From these projects, Allkem is aiming to command a 10% share of global lithium supply over the long term. This bodes well for its profits in the coming years, particularly given the strong prices that the battery making ingredient is fetching right now.
Bell Potter’s analysts are bullish on Allkem and have a buy rating and $19.45 price target on its shares. The broker commented:
We expect AKEâs cash generation to lift substantially into 2023 with ongoing strength in lithium demand, commodity prices and production growth. AKE is aiming to maintain 10% share of supply in a global lithium market experiencing unprecedented growth; it has a portfolio of growth projects, balance sheet strength and cash flow from existing projects to achieve this target. AKEâs portfolio is also diversified across lithium commodity type, mode of production, asset location and end-user country.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share that has been tipped for strong growth is online furniture and homewares retailer Temple & Webster.
Goldman Sachs is very positive and believes the company is well-placed for long term growth due to its leadership position in a retail category that is in the early stages of shifting online. Its analysts have a buy rating and $7.55 price target on the companyâs shares. It commented:
Our Buy thesis is predicated on the following key drivers: (1) we believe TPW is well positioned in the upcoming cycle to continue to grow market share, despite a weaker macro environment; (2) in our view TPW is best placed to be a winner in a category that favours scale players, requires a specialised approach to e-commerce, and has higher barriers to entry vs. other retail categories; and (3) greater focus on costs is a sensible strategy to balance near-term profitability with growth.
The post 2 explosive ASX growth shares to buy according to experts appeared first on The Motley Fool Australia.
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More reading
- 2 absolute bargain ASX shares to buy right now: analyst
- Is China responsible for decimating your ASX 200 lithium shares?
- Why are ASX lithium shares getting slammed again on Monday?
- Why is the Allkem share price diving 8% today?
- What could be sending the Pilbara Minerals share price 7% lower today?
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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