If you're looking for some growth shares to add to your portfolio this week, 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 ASX growth share to look at is Breville. It is the leading appliance manufacturer behind the Sage, Kambrook, Baratza, and eponymous Breville brands.
Breville's products have been popular with consumers for decades. This has been driven by its continuous and growing investment in research and development (R&D), which has been kept its production line full of innovative new products.
In addition to this, the company has been growing its footprint globally, increasing its addressable market and driving strong sales and profit growth.
For example, during the first half, 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. Later today, the company is expected to report a similarly strong full year result.
Morgan Stanley appears confident this will be the case. Earlier this month the broker retained its overweight rating and $35.00 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share to look at is Temple & Webster. It is Australia's leading online furniture and homewares retailer.
Temple & Webster has been growing at a rapid rate in recent years but particularly during the pandemic. This was driven by the accelerating shift to online shopping. This led to Temple & Webster reporting an 85% increase in revenue to $326.3 million and a 62% year on year increase in customer numbers to 778,000 in FY 2021.
The good news is that online furniture shopping is still in its infancy in comparison to both other areas of the retail market and Western markets. This bodes well for the future, especially given Temple & Webster's leadership position and management's plan to invest heavily to take advantage of the shift and cement its strong market position.
Canaccord Genuity is a fan of the company. It currently has a buy rating and $14.00 price target on the company's shares.
