If you're wanting to boost your portfolio with a couple of growth shares, then you may want to consider the ones listed below.
Here's why these ASX growth shares have been rated as buys:
Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is Breville. The appliance manufacturer has been growing at a solid rate in recent years thanks to its international expansion.
This has been supported by favourable tailwinds brought about by COVID-19 such as more cooking and working at home. This has led to an increase in demand for whitegoods such as cooking equipment and coffee machines.
During the first half of FY 2021, Breville reported a 28.8% increase in revenue to $711 million and a 29.2% increase in net profit after tax to $64.2 million.
The good news is that more of the same is expected in the second half. After a stronger than expected first half, management is now guiding to earnings before interest and tax of $136 million. This is up from its previous guidance of $128 million to $132 million and will be a 20% increase year on year.
Even better, though, is that analysts at UBS believe its growth can continue for some time to come. This is due to product launches and its expansion into new markets.
UBS has a buy rating and $35.70 price target on its shares.
IDP Education Ltd (ASX: IEL)
Another ASX growth share to look at is IDP Education. It is a leading provider of international student placement and English language testing services.
While trading conditions have been very tough for IDP Education because of the pandemic, there are signs that the worst is now over and a return to growth isn't far away.
In fact, the company revealed that in December testing volumes were broadly in line with those experienced in the final month of 2019 prior to the pandemic. This bodes well for the second half, particularly given the roll out of vaccines across the world.
Looking ahead, due to the company's strong financial position and growing software business, it appears well-placed to win a greater share of the market when things return to normal.
One broker that is confident in its future is Morgan Stanley. Last month it put an overweight rating and $30.00 price target on the company's shares. The broker expects IDP Education's earnings to bounce back strongly in FY 2022.