If you're looking to make some investments in 2021, then you might want to take a look at the ASX shares listed below.
Here's why these four ASX shares have been named as buys for next year:
Altium Limited (ASX: ALU)
The first share to look at is Altium. It is an award-winning printed circuit board design software provider which has carved out a leading position in this growing market over the last few years. It is now aiming to take things to the next level and dominate the market with its cloud-based Altium 365 platform. One broker that likes what it sees here is Credit Suisse. Last week it initiated coverage on Altium with an outperform rating and $42.00 price target.
Appen Ltd (ASX: APX)
Another option to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). Appen's team of over one million contractors prepare and/or create the data for the machine learning models of some of the largest tech companies. This includes tech behemoths Facebook and Microsoft. Analysts at Macquarie are positive on Appen and have an outperform rating and $43.00 price target on its shares. The broker appears confident on the company's long term growth potential thanks to the AI tailwind.
IDP Education Ltd (ASX: IEL)
A third share to look at is IDP Education. It is a provider of international student placement and English language testing services. While it has been hit hard by the pandemic, it has been tipped to come out of the crisis in an even stronger position. This could make it a big winner when COVID-19 vaccines are rolled out and international travel resumes. Analysts at Morgans like the company and have an add rating and $25.09 price target on its shares. The broker believes the company is well-placed for growth once trading conditions return to normal.
ResMed Inc. (ASX: RMD)
A final option is ResMed. It is a medical device company with a focus on the sleep treatment market. ResMed has been growing at a strong rate over the last decade thanks to its industry-leading products in a growing market. Pleasingly, the company still has a significant runway for growth in the future. Management estimates that there are ~1 billion people suffering from sleep apnoea worldwide and only ~20% of these sufferers have been diagnosed. Morgans is also positive on ResMed and has an add rating and $30.99 price target on its shares.
