2 highly-rated ASX growth shares tipped as buys

Here are a couple of highly rated growth shares…

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Big green letters spell growth, indicating share price movements for ASX growth shares

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If you’re looking for some growth shares to add to your portfolio this month, then the two listed below might be worth considering.

Here’s why these ASX growth shares have been rated as buys recently:

Breville Group Ltd (ASX: BRG)

The first ASX growth share to look at is Breville. It is the leading appliance manufacturer behind the Baratza, Breville, Kambrook, and Sage brands.

Thanks to a combination of acquisitions, its international expansion, and its continuous investment in research and development (R&D), Breville has been growing at a solid rate for many years. This has continued in FY 2021, with Breville reporting a 28.8% increase in first half revenue to $711 million and a 29.2% increase in net profit after tax to $64.2 million.

The good news is that Breville has been tipped to continue its growth in the future. UBS expects this to be driven by further geographic expansion, new product launches, and potential acquisitions.

UBS currently has a buy rating and $35.70 price target on its shares. This compares to the current Breville share price of $30.09.

IDP Education Ltd (ASX: IEL)

Another ASX growth share to look at is IDP Education. It is a provider of international student placement and English language testing services. IDP Education has operations across the world and recently added to them with a major acquisition in India.

By acquiring the IELTS India business from the British Council, IDP Education is now the dominant language testing force in the huge market. But it may not stop there. Analysts at Goldman Sachs see scope for IDP Education to acquire other IELTS businesses in the future.

It said: “In our view, the acquisition of BC’s Indian IELTS operations is an indication of IEL’s willingness to deploy capital toward synergistic acquisitions, and may pave the way for further transactions in other countries,”

It is partly for this reason that Goldman recently put a buy rating and $35.00 price target on its shares. This compares to the latest IDP Education share price of $29.80.

Should you invest $1,000 in IDP Education right now?

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Motley Fool contributor 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 and has recommended Idp Education Pty Ltd. 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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