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3 outstanding ASX shares to buy and hold

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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:

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. 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.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

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 February 15th 2021

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 Cochlear Ltd. and ltd. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Cochlear Ltd. and ltd. 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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