Are you wanting to bolster your portfolio with a few new additions? Then you might want to take a look at the ones listed below.
Here's why they have been tipped as shares to buy right now:
Goodman Group (ASX: GMG)
The first ASX share to look at is Goodman Group. It is an integrated commercial and industrial property group that owns, develops, and manages industrial real estate across a total of 17 countries. Goodman counts a large number of blue chips as customers such as Amazon, Coles Group Ltd (ASX: COL), DHL, and Walmart.
Thanks partly to its exposure to growing markets such as ecommerce, Goodman has been performing very positively during the pandemic. In fact, at the end of the first quarter of FY 2021, the company reported 2.9% like-for-like net property income growth across its managed partnerships.
It also revealed a sky high occupancy rate of 97.8% across its partnerships and a whopping $7.3 billion of development work in progress. The latter was ahead of management's guidance.
Morgan Stanley is positive on the company and has an overweight rating and $20.90 price target on its shares.
Xero Limited (ASX: XRO)
Another ASX share to look at is Xero. This New Zealand-based cloud-based business and accounting software provider is quickly becoming an invaluable resource for small businesses across the world.
At the end of the first half of FY 2021, Xero had grown its subscriber numbers to a sizeable 2.45 million and was generating half year operating revenue of NZ$409.8 million from them. While the latter might sound like a large number, even when annualised it is still only a fraction of its addressable market.
According to a recent note out of Goldman Sachs, it estimates that Xero currently has a total addressable market (TAM) of NZ$14 billion per annum across its key markets. This means it has penetrated less than 6% of its market based on annualised figures.
However, it is worth noting that Goldman believes Xero's TAM can grow by a further NZ$62 billion in the future if it can successfully broaden and monetise its app ecosystem and expand into new geographies.
Because of this, the broker believes Xero has a multi-decade runway for strong revenue growth. Its analysts have put a buy rating and $157.00 price target on its shares.
