Analysts name 3 excellent ASX growth shares to buy

Here are 3 growth shares that could be in the buy zone…

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3 asx shares represented by investor holding up 3 fingers

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Looking for a growth share or two to buy this month? Three that could be worth considering are listed below.

All 3 have been tipped to grow strongly over the 2020s. Here’s what you need to know about them:

Appen Ltd (ASX: APX)

The first growth share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning (ML) and artificial intelligence (AI). Appen was growing at a rapid rate until the pandemic put a dampener on demand from some of its biggest customers. While this is disappointing, management appears confident that demand will rebound post-pandemic, especially given how the AI and ML markets are expected to continue their explosive growth for many years to come.

Earlier this week, the team at Citi retained their buy rating and lofty $17.00 price target on the company’s shares.

IDP Education Ltd (ASX: IEL)

Another ASX growth share to look at is IDP Education. It is a provider of international student placement services and English language testing services. As with Appen, IDP Education was hit hard by the pandemic. However, its performance has been improving greatly since the peak of the crisis and analysts expect the company to come out the other side of the pandemic in a much stronger position. IDP Education has also just boosted its offering with a key acquisition in the lucrative market of India.

Morgan Stanley is very positive on the company’s prospects. Earlier this week, the broker retained its overweight rating and lifted its price target to $40.20.

Kogan.com Ltd (ASX: KGN)

A final growth share to look at is Kogan. It is one of Australia’s leading e-commerce companies and appears exceptionally well-positioned to benefit from the structural shift to online shopping. While inventory issues are weighing on its near term performance, the company’s long term outlook remains very positive. This is particularly so given its strong market position, acquisitions, its growing private label offering, and the shift to online.

It is for these reasons that Credit Suisse remains positive on the company. Its analysts have an outperform rating and $14.06 price target on its shares.

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Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Appen Ltd, Idp Education Pty Ltd, and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Kogan.com ltd. 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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