Are you interested in adding some ASX growth shares to your portfolio in September? If you are, you may want to look at the two listed below that have recently been named as buys.
Hereâs what you need to know about them:
Allkem Ltd (ASX: AKE)
The first ASX growth share for investors to consider is this lithium miner.
Allkem was formed after two leading lithium miners, Galaxy Resources and Orocobre, merged last year to create a top five global lithium miner.
This certainly was a great time to merge. The combined entity has a world class portfolio of assets that are delivering the goods for shareholders right now. For example, in FY 2022, Allkem reported revenue of US$770 million and a gross profit of US$605 million. This represents a 9x and 13x increase, respectively, over the prior corresponding period.
Looking ahead, lithium prices continue to boom and management continues to target a 10% share of global lithium production in the future. This could bode well for its future earnings growth.
Macquarie is a big fan of Allkem. Last month, the broker retained its outperform rating and lifted its price target to $21.00.
Treasury Wine Estates Ltd (ASX: TWE)
Another ASX growth share that could be a top option for investors right now is Treasury Wine.
It is one of the world’s leading wine companies and the owner of popular brands including Penfolds, 19 Crimes, and Wolf Blass.
After going through a difficult period due to being effectively kicked out of China, Treasury Wine has bounced back. For example, last month, the company released its full year results for FY 2022 and revealed a 4.2% increase in net profit after tax before material items and SGARA to $322.6 million. This was ahead of the market consensus estimate of $314.4 million.
Looking forward, management expects “to deliver strong, margin accretive growth in FY 2023.”
The team at Morgans is very positive on the company. The broker currently has an add rating and $15.71 price target on its shares.
The post 2 fantastic ASX growth shares to buy now according to analysts appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Why Macquarie is tipping 55% upside for ASX lithium share Allkem
- Why Allkem, Capricorn Metals, Lovisa, and Pilbara Minerals shares are rising today
- An Allkem director offloaded $20 million in shares this week. What gives?
- Piedmont Lithium share price falls 5% after plans to build the largest US lithium plant unveiled
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Treasury Wine Estates Limited. 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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