Are you looking to add some growth shares to your portfolio when the market reopens?
If you are, three ASX growth shares that could be worth considering are listed below. Here’s what you need to know about them:
Allkem Ltd (ASX: AKE)
The first ASX growth share to consider is Allkem. It is one of the world’s largest lithium miners with projects in Argentina, Australia, and North America. From these projects, the company is aiming to grow its production in a manner that allows it to maintain a 10% share of global lithium supply over the long term. And with lithium prices at such high levels and tipped to remain strong in the coming years due to demand outstripping supply, Allkem appears well-placed to grow its earnings and potentially start paying dividends.
Macquarie’s analysts are bullish on Allkem and have an outperform rating and $21.00 price target on its shares.
Aristocrat Leisure Limited (ASX: ALL)
Another ASX growth share that has been tipped as a buy is Aristocrat Leisure. It is one of the world’s leading gaming technology companies with a portfolio of world class pokie machines and a growing digital business. The former continues to win market share thanks to their popularity with casinos and players. Combined with the strong recurring revenues being generated by digital/mobile games such as Raid and its potential expansion into the real money gaming market, the company has been tipped to continue its solid earnings growth over the coming years.
Morgans is positive on the company and has an add rating and $43.00 price target on its shares.
ResMed Inc. (ASX: RMD)
A third and final growth share that has been named as a buy is ResMed. It is a sleep treatment-focused medical device company that has been tipped to continue its strong growth over the coming years. This is thanks to its world class product portfolio, a major competitor recall, and its massive global market opportunity. In respect to the latter, management estimates that there are 1 billion people impacted by sleep apnoea worldwide, with only ~20% of these sufferers currently diagnosed. As education around sleep disorders grows and more sufferers are diagnosed, demand for ResMed’s products is likely to increase.
Goldman Sachs is bullish on ResMed and has a buy rating and $36.80 price target on its shares.
The post 3 excellent ASX growth shares analysts rate as buys appeared first on The Motley Fool Australia.
.
More reading
- Here are the top 10 ASX 200 shares today
- Why Allkem, Karoon Energy, Stanmore Resources, and Whitehaven Coal are charging higher
- Allkem share price higher on Sal de Vida lithium project update
- Good times keep rolling for ASX lithium shares on Thursday
- What’s the outlook for ASX 200 mining shares in Q2?
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. 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 https://ift.tt/MRnit7H
Leave a Reply