Are you looking for growth options for 2023? If you are, you may want to look at the two ASX growth shares listed below.
Hereâs why analysts are saying that these are growth shares to buy right now:
Altium Limited (ASX: ALU)
The first ASX growth share to look at is this printed circuit board (PCB) focused electronic design software provider.
Altium appears well-positioned for long term growth thanks to its industry-leading platform and a number of tailwinds which are underpinning ever-increasing demand for electronic design software.
These tailwinds include the rapidly growing artificial intelligence and internet of things markets, which are leading to a proliferation of electronic devices of all shapes and sizes globally.
One broker that believes the Altium share price is good value at the current level is Jefferies. Its analysts currently have a buy rating and $42.32 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share that could be in the buy zone is Temple & Webster. It is a leading online furniture and homewares retailer.
Temple & Webster has been tipped to grow strongly over the long term thanks to its strong position in a retail category that is still in the early stages of shifting online.
Goldman Sachs highlights that the category in Australia remains under-penetrated online relative to other markets with 16.5% of sales made online versus 28% in the UK and 25% in the United States.
Another positive is that this side of the retail market has higher barriers to entry, which bodes well for Temple & Websterâs future as more and more sales move online.
In light of this, it is forecasting strong sales growth over the next few years and has put a buy rating and $7.50 price target on its shares.
The post 2 explosive ASX growth shares to buy for 2023: analysts appeared first on The Motley Fool Australia.
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More reading
- Stock market millionaire: Iâd put $500 a month into the ASX 200 to aim for 7 figures
- These are the explosive ASX growth shares to buy for 2023 according to experts
- ‘Strong buy’: Experts name 2 ASX shares enjoying a post-COVID resurgence
- Iâd aim for $1 million, buying just 10 cheap ASX shares
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Motley Fool contributor James Mickleboro has positions in Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Temple & Webster Group. The Motley Fool Australia has recommended Temple & Webster Group. 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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