A new month is here, so what better time to look at giving your portfolio a little lift with a few new additions.
Three top ASX shares which have been tipped as potential market beaters over the next few years are listed below. Here's what you need to know about them:
Kogan.com Ltd (ASX: KGN)
Kogan is one of Australia's leading ecommerce companies. It has been growing very strongly this year after the pandemic accelerated the adoption of online shopping. Pleasingly, its strong form has continued even after bricks and mortar stores reopened. And with more and more spending expected to shift online in the future, Kogan looks well-positioned to benefit. The company is also looking to accelerate its growth with earnings accretive acquisitions such as Mighty Ape. Last week analysts at Credit Suisse upgraded Kogan's shares to an outperform rating with a $20.60 price target.
NEXTDC Ltd (ASX: NXT)
NEXTDC is an innovative data centre-as-a-service provider with a growing network of centres in key locations across Australia. It has been a very strong performer this year because of the accelerating shift to the cloud. This has underpinned a significant increase in demand for capacity in its data centre. So much so, the company brought forward capacity expansion plans. Management is also looking to bolster its growth with an expansion into Asia. It has opened offices in a number of key locations and is weighing up its options. Late last month analysts at Morgan Stanley put an overweight rating and $14.60 price target on its shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is a leading donor management and community engagement platform provider for the faith sector. It has aspirations to win a 50% share of the U.S. medium to large church market in the future. This represents a US$1 billion market opportunity, which is many times larger than its current revenue. For example, in FY 2020 the company reported a 32% increase in revenue to US$129.8 million. One broker that is very positive on its prospects is Goldman Sachs. Its analysts have a conviction buy rating and $10.35 price target (now $2.59 after its 4-1 share split) on its shares.
