If you're looking for shares to buy and hold, then the three listed below could be quality options.
All three have long runways for growth and could provide strong returns for investors if everything goes to plan. Here's what you need to know:
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Cochlear Limited (ASX: COH)
The first ASX share to consider as a buy and hold investment is Cochlear. It is a global developer, manufacturer, and distributor of cochlear implantable devices for the hearing impaired. It appears well-placed for long term growth thanks to its exposure to the ageing population tailwind. This is because as people age their hearing will more often than not fade. This is expected to lead to increasing demand for its industry-leading products over the next couple of decades. Macquarie currently has an outperform rating and $245.00 price target.
Kogan.com Ltd (ASX: KGN)
This ecommerce company could be a good long term option for investors. This is due to the continued rise in online shopping, recent acquisitions, and quick growing Kogan Marketplace. Furthermore, with the Kogan share price down by over 50% from its high, investors are able to invest at a fraction of what people were paying just a few months ago. Credit Suisse sees this as a buying opportunity. Last month it put an outperform rating and $20.85 price target on its shares.
Nanosonics Ltd (ASX: NAN)
Another buy and hold option to consider is Nanosonics. It is the infection control specialist behind the industry-leading trophon EPR disinfection system for ultrasound probes. Whilst I think this product alone has the potential to underpin solid earnings growth over the coming years, the impending launch of new products targeting unmet needs should give its growth a boost. UBS currently has a buy rating and $7.00 price target on its shares.
