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2 of the best ASX shares to buy now

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If you’re looking to a make a new addition or two to your portfolio next week, then you might want to take a look at the ASX shares listed below.

Here’s why they could be among the best ASX shares to buy right now:

Cochlear Limited (ASX: COH)

The first ASX share to look at is Cochlear. It is a global leader in the development, manufacture, and distribution of cochlear implantable devices for the hearing impaired.

Cochlear has been a consistently positive performer over the last decade. This has been driven by its expanding global distribution network, its investment in research and development, and growing demand due to ageing populations.

And while the pandemic hit the company hard, it has been recovering strongly now the worst is over. For example, in February Cochlear released its half year results and reported an underlying net profit of $125.3 million. This profit was down only 4% in constant currency from its record first half profit a year earlier. It’s important to note that the prior corresponding period was of course pre-COVID.

Looking to the future, the company looks well-placed to benefit from the aforementioned ageing populations tailwind. Especially given the industry’s high barriers to entry and its high quality product portfolio.

Macquarie is a fan of the company. Its analysts currently have an outperform rating and $245.00 price target on Cochlear’s shares.

NEXTDC Ltd (ASX: NXT)

Another ASX share to consider is NEXTDC. From 11 world class Tier III and Tier IV data centre facilities across Australia, NEXTDC provides colocation services to local and international organisations. 

The structural shift to the cloud, which has accelerated during the pandemic, has led to significant demand for NEXTDC’s services over the last few years. Positively, this shift still has a long way to go, which is expected to underpin strong sales and profit growth for the foreseeable future.

This should be supported by its expansion into the Asia market. NEXTDC recently opened up offices in Singapore and Tokyo with a view of entering these markets in the near future.

Goldman Sachs is positive on the company. Last week put a conviction buy rating on its shares and lifted its price target to $15.00. The broker believes NEXTDC is well-positioned for growth over the medium term due to strong demand and favourable pricing.

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 owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia has recommended Cochlear 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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