Buy these ASX growth shares while they’re still cheap: Morgans

The good news for growth investors is that there are plenty of ASX growth shares to choose from on the Australian share market.

Two that analysts at Morgans are particularly positive on are named below. Here’s why the broker has them on its best ideas list this month:

Corporate Travel Management Ltd (ASX: CTD)

Morgans is feeling very bullish on this ASX growth share right now.

Its analysts highlight that the corporate travel specialist is a key pick in the travel sector and see plenty of upside for its shares. Particularly given recent acquisitions, cost reductions, and its market-leading technology. The broker explains:

Taking a longer term view, CTD remains as a key pick for the travel sector. We see substantial upside in its share price as the company recovers from the COVID affected travel downturn. In fact, CTD should be a materially larger business post COVID given it has made two highly accretive acquisitions during the downturn. The company has also won a lot of new business, implemented structural cost out opportunities and continued to develop its market leading technology offering which means that it will require less staff in the future. CTD is well managed and has a strong balance sheet (no debt).

Morgans has the company’s shares on its best ideas list with an add rating and $21.90 price target.

Universal Store Holdings Ltd (ASX: UNI)

Another ASX growth share that Morgans says investors should buy is this youth fashion retailer.

The broker is very positive on the company due to its store expansion and online penetration opportunities. It also likes Universal Store’s exposure to younger consumers in the current economic environment. It commented:

Universal Store (UNI) is one of the largest and fastest growing fashion retailers in Australia. Through a national network of over 100 stores and a successful online platform, UNI curates a diverse range of men’s and women’s fashion, shoes and accessories from local and international brands as well as its own private labels. UNI’s stores trade under the Universal Store, Perfect Stranger and THRILLS banners. UNI has opportunities to grow steadily through the rollout of bricks and mortar stores, increased digital penetration and expansion of wholesale channels. While we recognise the general risk around a decline in consumer expenditure on discretionary categories like apparel, we highlight that the youth demographic is likely to be more resilient.

Morgans has an add rating and $6.85 price target on the company’s shares.

The post Buy these ASX growth shares while they’re still cheap: Morgans 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 Jumbo Interactive. The Motley Fool Australia has recommended Corporate Travel Management and Jumbo Interactive. 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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