3 amazing ASX growth shares to buy and hold forever

If you are on the lookout for some ASX growth shares to buy and hold, then it could be worth checking out the three named below.

They are high-quality companies with strong long-term growth potential and the approval of analysts. Here’s what you need to know about them:

Life360 Inc. (ASX: 360)

Life360 has become one of Australia’s quiet global tech champions. Its family safety app continues to expand rapidly, with more than 91 million monthly active users and 2.7 million paying circles. Subscription revenue remains strong, annualised monthly revenue has surged, and the company is generating positive operating cash flow while holding more than US$450 million in cash. With a massive global addressable market, a growing product suite and enviable network effects, Life360 is the kind of scalable platform that can keep compounding as it matures.

Morgan Stanley is a fan. It has an overweight rating and $58.50 price target on its shares.

Pro Medicus Ltd (ASX: PME)

Another ASX growth share that could be a top buy and hold option is Pro Medicus. This health imaging technology company is arguably one of the highest-quality businesses on the ASX. Its Visage imaging platform is now used by some of the most important hospital networks in the United States, delivering huge efficiency benefits to radiologists. Every major contract win adds high-margin recurring revenue, and the company’s capital-light model means profits convert neatly into cash. And with a significant total addressable market and expansion opportunities into other ologies, the future looks bright for this one.

Bell Potter is bullish and has a buy rating and $320.00 price target on the company’s shares.

Temple & Webster Group Ltd (ASX: TPW)

A third ASX growth share that could be a great long term pick for investors is Temple & Webster. Over the past decade, it has become the dominant online furniture retailer in Australia, but its opportunity is far from exhausted. Online penetration in the Australian homewares category remains low compared to markets like the UK and the US, giving the company significant headroom for growth. Its private-label expansion and logistics improvements continue to strengthen margins and boost customer retention. As more shoppers shift online, Temple & Webster looks well placed to capture market share for many years and grow its earnings at an above-average rate.

The team at Macquarie is positive on the company. It recently put an overweight rating and $31.30 price target on its shares.

The post 3 amazing ASX growth shares to buy and hold forever appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Life360, Pro Medicus, and Temple & Webster Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Macquarie Group, and Temple & Webster Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Life360 and Macquarie Group. The Motley Fool Australia has recommended Pro Medicus and Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.