5 of the best ASX growth shares to buy and hold

One of the best ways for Aussies to grow wealth is to make patient, long term investments in ASX growth shares.

But which shares could be top picks for buy and hold investments?

Let’s take a look at five that analysts currently rate as buys. Here’s what they are recommending:

Aristocrat Leisure Ltd (ASX: ALL)

Aristocrat Leisure could be an ASX growth share to buy and hold. It is one of the world’s leading gaming technology companies with global operations covering poker machines, real money gaming, and mobile games. The team at Bell Potter believes it is well-placed for growth over the long term. The broker has a buy rating and $80.00 price target on its shares.

Lovisa Holdings Ltd (ASX: LOV)

Another ASX growth share that analysts are bullish on is Lovisa. It is a fashion jewellery retailer that is operating approximately 1,075 stores across more than 50 markets. While this is a large number, it is still only scratching at the surface of its global market opportunity. The team at Morgans is very positive on Lovisa and recently named it as one of its top picks in the retail sector. The broker has a buy rating and $40.00 price target on its shares.

NextDC Ltd (ASX: NXT)

Morgans also sees NextDC as an ASX growth share to buy now. It is one of Australia’s leading data centre-as-a-service providers. From its growing data centre network, it delivers critical power, security, and connectivity for global cloud platform providers, enterprise, and government markets. With demand for data centre capacity expected to increase materially over the next decade due to the AI boom, NextDC stands to benefit greatly. The broker currently has a buy rating and $19.00 price target on its shares.

TechnologyOne Ltd (ASX: TNE)

A fourth ASX growth share that could be a top long-term option for investors is TechnologyOne. It is a leading enterprise software provider to governments, universities, and corporations. Its shift to a software-as-a-service model has been a huge success, locking in sticky recurring revenue and improving profitability. As it expands further in international markets, TechnologyOne’s addressable market will only get larger, which bodes well for the future. The team at UBS is positive on the tech stock and has a buy rating and $44.50 price target on its shares.

WiseTech Global Ltd (ASX: WTC)

Finally, WiseTech could be an ASX growth share to buy and hold. It is a global leader in logistics software, with its CargoWise platform now used by freight forwarders and transport companies across the world. With global trade volumes still rising and supply chains becoming more complex, WiseTech appears well placed to compound growth for many years to come. Morgans is positive on the company and has a buy rating and $127.60 price target on its shares.

The post 5 of the best ASX growth shares to buy and hold appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Lovisa, Nextdc, Technology One, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa, Technology One, and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Lovisa and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.