Looking to add a few growth shares to your portfolio next week? Then you might want to get better acquainted with the ones listed below.
The two shares listed below have been growing strongly and have been tipped to continue doing so in the future. Here's what you need to know about them:
Appen Ltd (ASX: APX)
The first growth share to look at is Appen. It is the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. Given the explosive growth of these markets, it has been growing at a strong rate over the last few years. While the pandemic is putting a dampener on things in FY 2021, management appears confident that demand will accelerate once the crisis passes and its strong form will resume.
According to a note out of Citi from last week, its analysts have a buy rating and $32.60 price target on the company's shares. This compares to the latest Appen share price of $24.85. They believe recent share price weakness is a buying opportunity and remain very positive on its long term growth prospects.
ResMed Inc. (ASX: RMD)
Due to the growing demand for its industry-leading products in the fast-growing sleep treatment market, ResMed is another company which has been growing strongly in recent years. In fact, this strong form even continued in FY 2020 despite the pandemic. And with trading conditions improving, FY 2021 looks set to be another positive year of growth.
One broker that is very positive on the company's future is Credit Suisse. Last month it upgraded the company's shares to an outperform rating with a $31.00 price target. Its analysts believe ResMed is very well placed to benefit from a shift to home healthcare following the pandemic. Overall, it believes the company is capable of delivering double digit earnings growth for a number of years. The ResMed share price last traded at $28.25.
