2 explosive ASX growth shares to buy now according to analysts

Looking for a growth share or maybe two to buy? If you are, the two listed below could be worth considering.

Here’s why these ASX growth shares are rated highly by experts:

Allkem Ltd (ASX: AKE)

If you’re not averse to investing in the mining sector, then the first ASX growth share to consider is Allkem. It is one of the world’s largest lithium miners with a collection of projects in Argentina, Australia, and North America.

Allkem is already producing a lot of lithium from these projects, but it won’t be stopping there. Management aims to grow its production multiples times current levels in the coming years in order to maintain a 10% share of global lithium supply over the long term.

Goldman Sachs may be bearish on lithium prices but it is bullish on Allkem. This is due to its production growth and exposure to several lithium types. The latter includes moving downstream from spodumene into lithium chemicals, which it sees as a margin accretive opportunity.

The broker has a buy rating and $15.50 price target on Allkem’s shares.

Lovisa Holdings Limited (ASX: LOV)

This fast-fashion jewellery retailer could be another top ASX growth share to buy right now.

It has been tipped to grow strongly in the coming years thanks to the popularity of its affordable offering, its focus on younger consumers, and its ambitious global expansion plans. The latter is being driven by a management team that has been here before and successfully grown other retail brands globally.

It is for this reason that Morgans believes Lovisa has the potential to “be one of the biggest success stories in Australian retail.”

Morgans currently has an add rating and $28.50 price target on its shares.

The post 2 explosive ASX growth shares to buy now according to analysts appeared first on The Motley Fool Australia.

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More reading

• How to create a million-dollar ASX share portfolio in two decades
• Morgans names 2 more of the best ASX shares to buy in February
• Should I buy ASX 200 lithium shares now or not?
• How I’d invest $200 a month in ASX shares to make a $20,000 passive income for life
• What’s with ASX 200 lithium shares today?

Motley Fool contributor James Mickleboro has positions in Allkem. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia has recommended Lovisa. 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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