The Australian share market is home to a large number of growth shares. In fact, there are so many to choose from, it can be hard to decide which ones to buy ahead of others.
To narrow things down, I have picked out three ASX growth shares that are highly rated. They are as follows:
Aristocrat Leisure Limited (ASX: ALL)
The first ASX growth share to look at is Aristocrat Leisure. It is one of the world’s leading gaming technology companies. While times have been hard for the company’s poker machine business due to the pandemic, its digital business has delivered strong growth. So with vaccines now rolling out across the globe, it may not be long until both businesses are pulling together. Analysts at Morgan Stanley believe it is worth sticking with the company. They currently have an overweight rating and $38.00 price target on its shares.
NEXTDC Ltd (ASX: NXT)
Another ASX growth share to look at is NEXTDC. It is a leading data centre operator which has been growing strongly in recent years thanks to increasing demand for capacity in its centres. This has been driven by the structural shift to the cloud, which still has a long way to go. Citi is a fan of the company and expects its strong form to continue for the foreseeable future. Last week it put a buy rating and $14.45 price target on NEXTDC’s shares.
REA Group Limited (ASX: REA)
A final ASX growth share to consider buying is REA Group. It is the dominant player in real estate listings in the Australian market. Which certainly is a great place to be right now thanks to the rebounding housing market. Combined with new revenue streams, flat costs, and potential price increases, REA Group looks well-placed to for growth in the coming years. Morgan Stanley is very bullish on the company. It currently has an overweight rating and $175.00 price target on its shares.
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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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