Are you on the lookout for growth shares to buy? Then you may want to look at the ones listed below.
Here’s why analysts rate these three ASX growth shares highly:
Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is Breville. Over the past 80 years, Breville has become an iconic Australian brand, developing high quality and innovative products for kitchens around the world. The good news is that the leading appliance manufacturer’s growth is not expected to end any time soon. This is thanks to strong demand, favourable industry tailwinds, international expansion, and its ongoing R&D investment.
UBS is confident that Breville’s strong growth can continue for some time to come. It is forecasting double-digit sales growth through to at least FY 2023. In light of this, the broker rates its shares as a buy and has put a $35.70 price target on them.
IDP Education Ltd (ASX: IEL)
Another ASX growth that could be worth considering is IDP Education. It is a provider of international student placement services and English language testing services. Although demand for its services has softened during the pandemic, it has been tipped to bounce back strongly once trading conditions return to normal. Particularly given its strong balance sheet, quality software business, and acquisitions.
A recent note out of Morgan Stanley reveals that its analysts are very positive on IDP Education long term growth prospects. It has an overweight rating and $33.00 price target on its shares.
NEXTDC Ltd (ASX: NXT)
A final growth share to look at is NEXTDC. It is one of the Asia-Pacific region’s leading data centre operators with a growing number of world class centres in key locations across Australia. Thanks to strong demand for data centre capacity due to the structural shift to the cloud, NEXTDC has been growing its sales and operating earnings at a solid rate for some time. Positively, this is expected to continue as the shift continues. It could also be bolstered by its plans to expand into the Asian market.
One broker that is particularly positive on NEXTDC is UBS. Its analysts currently have a buy rating and $15.40 price target on the company’s shares.