Add these ASX growth stocks to your portfolio today: analysts

chart showing an increasing share price

chart showing an increasing share price

Are you looking for growth stocks to buy? If you are, then you may want to check out the two listed below that brokers rate as buys.

Here’s what analysts are saying about these ASX growth stocks right now:

Allkem Ltd (ASX: AKE)

The first ASX growth stock for investors to consider is Allkem. It is one of the world’s largest lithium miners aiming to maintain a 10% share of global lithium supply over the long term.

While Goldman Sachs is very bearish on lithium prices, it is still very much recommending investors buy Allkem shares.

This is because the broker believes that Allkem can offset the earnings pressure that comes with falling lithium prices with its production growth and by moving downstream from spodumene into lithium chemicals.

Goldman has a buy rating and $12.90 price target on Allkem’s shares.

Jumbo Interactive Ltd (ASX: JIN)

According to analysts at Morgans, this online lottery ticket seller could be an ASX growth stock to buy right now.

It was impressed with Jumbo’s performance in FY 2022 and remains confident on its outlook. This is due to its defensive qualities and the Powered by Jumbo software-as-a-service (SaaS) platform’s global opportunity.

It also highlights that the company has just announced plans to increase prices, which it expects to “add $12m to EBITDA” in FY 2024. It adds:

Shares in JIN have underperformed as the market took note of the notable absence of large jackpots. We have regarded this as an opportunity to buy into the stock as jackpot sequencing is both out of JIN’s control and likely to normalise in time. The news around pricing adds further conviction to our positive call.

Morgans currently has an add rating and $16.90 price target on the company’s shares.

The post Add these ASX growth stocks to your portfolio today: analysts appeared first on The Motley Fool Australia.

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More reading

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 Jumbo Interactive. The Motley Fool Australia has recommended Jumbo Interactive. 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

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