Are you looking to add a growth share or two to your portfolio? Then take a look at the three ASX shares listed below.
Here’s why they could be growth shares to buy right now:
Altium Limited (ASX: ALU)
With the Altium share price down almost one-third from its 52-week high, it’s no surprise to see brokers recommending it as a buy. Especially given the electronic design software provider’s outstanding long term growth potential thanks to its exposure to the rapidly growing Internet of Things and AI markets. These are driving strong demand for its Altium Designer and Altium 365 software and also its other businesses such as Octopart. Morgan Stanley has an overweight rating and $40.00 price target on its shares.
Aristocrat Leisure Limited (ASX: ALL)
Another growth share to look at is Aristocrat Leisure. It is one of the world’s leading gaming technology companies. Thanks to its industry-leading pokie machines and the huge potential of its digital and social gaming business, Aristocrat Leisure has been tipped to grow strongly over the 2020s. Especially once the pandemic passes and casinos around the world are open as normal again. Analysts at Citi recently put a buy rating and $40.60 price target on its shares.
ResMed Inc. (ASX: RMD)
A final growth share to look at is ResMed. It is a medical device company which has a focus on sleep treatment solutions. It also creates ventilators, which have been experiencing incredible demand because of the pandemic. Over the last decade the company’s revenue and earnings have grown at a very strong rate thanks to the quality of its products and its large and growing market opportunity. In respect to the latter, management estimates that there are almost one billion people with sleep apnoea globally and a little under half a billion people that suffer from chronic obstructive pulmonary disease (COPD). Morgans has an add rating and $30.99 price target on ResMed’s shares.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.