Investors searching for growth shares, might want to take a look at the shares named below.
They have been growing at a strong rate in recent years and continue this trend over the remainder of the 2020s.
Here’s what you need to know about these ASX growth shares:
Appen Ltd (ASX: APX)
Appen could be a growth share to look closer at. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). Through its team of skilled contractors, Appen prepares or creates the data for the machine learning models of some of the largest tech companies. These includes Amazon, Facebook, and Microsoft.
While the pandemic has put a dampener on demand, a rebound is expected post-pandemic. So with the Appen share price down significantly from its highs, now could be an opportune time to consider an investment.
The team at Citi appear to believe this is the case. They currently have a buy rating and $18.80 price target on its shares. This is significantly higher than where the Appen share price currently trades.
ResMed Inc. (ASX: RMD)
Another ASX growth share to look at is this sleep treatment-focused medical device company. Thanks to ResMed’s industry-leading products, growing software business, and the increasing awareness of sleep disorders, it has been growing at a strong rate for a good number of years.
Pleasingly, it still has a significant market opportunity to grow into over the next decade and beyond. Management estimates that there are ~1 billion people suffering from sleep apnoea worldwide, with only ~20% of these sufferers currently diagnosed. It also looks well-placed to benefit from the shift to home healthcare and a major product recall from a key rival.
Morgans is a fan of ResMed. In response to its full year results last month, the broker put an add rating and $41.34 price target on its shares.