3 stellar ASX growth shares to buy now with 30% to 70% upside

The Australian share market may be trading within sight of a record high, but not all shares have climbed with it.

A good number of ASX growth shares have been sold off over the past 12 months and still trade at a deep discount.

While this is disappointing for growth investors, it could have created a very attractive buying opportunity for those with capital to deploy.

With that in mind, here are three ASX growth shares that could be top picks right now:

Lovisa Holdings Ltd (ASX: LOV)

The first ASX growth share that could be a buy is Lovisa.

It is a fast-growing fashion jewellery retailer that is in the middle of an ambitious global expansion. At last count, the company was operating over 1,000 stores across more than 50 markets.

But management isn’t settling for that and continues to open new stores across the globe.

Morgans has named Lovisa as one of its top picks in the retail sector, highlighting the company’s scalable store model and strong brand appeal.

The broker currently has a buy rating and $36.80 price target on its shares. Based on its current share price, this implies potential upside of 50% over the next 12 months.

TechnologyOne Ltd (ASX: TNE)

Another ASX growth share that could be worth considering is TechnologyOne.

It is a leading developer of enterprise software for governments, universities, and large organisations. These customers tend to be sticky, long-term users, which gives the company a high level of revenue visibility.

Its shift to a software-as-a-service model has been a huge success, delivering consistent annual recurring revenue growth and strong cash generation. But if you thought its growth was coming to an end, think again. Management believes it can double the size of its business every five years.

And while its shares have recovered from their lows, UBS still sees plenty of upside. It currently has a buy rating and $38.70 price target on its shares, which implies potential upside of almost 30%.

WiseTech Global Ltd (ASX: WTC)

A final ASX growth share that could be a top buy is logistics solutions technology company WiseTech Global.

Its CargoWise platform sits at the core of global freight and logistics operations. It is deeply embedded in customers’ workflows, with high switching costs and recurring subscription revenue.

Its share price has been pressured by broader tech sector weakness and AI disruption concerns. However, this type of software is very complex and would be very hard for AI to disrupt.

It is for that reason that Bell Potter put a buy rating and $78.75 price target on its shares this week. This suggests that over 70% upside is possible from current levels.

The post 3 stellar ASX growth shares to buy now with 30% to 70% upside appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Lovisa, 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.