2 excellent ASX growth shares named as buys

Altium Limited (ASX:ALU) and this ASX growth share could have long runways for grow in the 2020s. Here’s why…

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If you’re a fan of growth shares, then you might want to take a look at the ones listed below.

Here’s why these quality ASX growth shares have been tipped as ones to buy right now:

Altium Limited (ASX: ALU)

The first growth share to look at is Altium. It is the electronic design-focused software provider behind the Altium Designer and Altium 365 platforms. The company also has the Octopart electronic parts search engine business and the NEXUS design collaboration platform supporting the core business.

These businesses are well-placed for growth over the next decade. This is thanks to the quality of the platforms and the growing internet of things and artificial intelligence markets. These markets are supporting an explosion in electronic devices globally.

Citi is a fan of Altium. It currently has a buy rating and $33.50 price target on Altium’s shares. Its analysts are optimistic that Altium is nearing the end of its COVID-19 related downgrade cycle.

NEXTDC Ltd (ASX: NXT)

Another ASX growth share to look at is NEXTDC. Like Altium, it appears well-placed for growth over the long term. This is thanks to the cloud computing boom and NEXTDC’s position as one of the region’s leading data centre-as-a-service providers.

At present, the company has 11 world class centres in key locations across Australia. However, this may soon increase, with management looking at expanding into the Asian market. The company has recently opened offices in Singapore and Tokyo with a view of operating in these huge markets in the near future.

If NEXTDC can replicate its Australian success in these markets, then it could provide it with a very long runway for growth over the 2020s.

UBS is positive on NEXTDC. The broker currently has a buy rating and $15.40 price target on its shares.

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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia has no position in any of the stocks mentioned. 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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