With a new month here, now could be an opportune time to consider making some new additions to your portfolio.
To help you on your way, I’ve picked out ten ASX shares which analysts rate highly right now. Here’s why they could be top options in November:
Adore Beauty Group Limited (ASX: ABY)
Adore Beauty is Australia’s leading online beauty retailer. It recently released its first quarter update and revealed revenue of $63.8 million, up 25% on the prior corresponding period. Even when you annualise this, it is still only a fraction of the Australian beauty and personal care (BPC) market. That is currently estimated to be worth $11.2 billion and growing. This gives Adore Beauty a long runway for growth over the next decade. UBS currently has a buy rating and $6.00 price target.
Altium Limited (ASX: ALU)
Altium is an electronic design software provider behind the Altium 365 and Altium Designer platforms. It also has a number of complementary businesses such as Nexus and Octopart. Combined, the company is in a strong position to benefit greatly from the rapidly growing Internet of Things (IoT) and AI markets. These are expected to underpin strong demand for its Altium Designer software over the next decade. Bell Potter is a fan and has a buy rating and $42.50 price target on its shares.
Appen Ltd (ASX: APX)
Appen is a leading developer of high-quality, human annotated datasets for the machine learning and artificial intelligence markets. It has been tipped to grow strongly over the next decade thanks to the growing importance of machine learning and artificial intelligence for businesses. This is expected to support strong demand for its services. Citi is positive on Appen and has a buy rating and $17.10 price target on its shares.
Aristocrat Leisure Limited (ASX: ALL)
Aristocrat Leisure is one of the world’s leading gaming technology companies. It has a portfolio of world class pokie machines and a growing digital business which has become a significant contributor to its earnings in recent years thanks to the increasing popularity of games such as Raid. The company has also just announced plans to acquire London-listed leading global online gambling software and content supplier, Playtech, for $5 billion. Morgans is positive on the company. It currently has an add rating and $52.50 price target on its shares.
Goodman Group (ASX: GMG)
Goodman Group is a leading integrated commercial and industrial property group. It has been growing at a solid rate over the last decade thanks to the overwhelming success of its strategy. Goodman focuses on investing in and developing high quality industrial properties in strategic locations, close to large urban populations and in and around major gateway cities globally. This is where demand is strong and transformational changes are driving significant opportunities. Citi believes Goodman is well-placed for growth and has a buy rating and $27.50 price target on its shares.
Hipages Group Holdings Ltd (ASX: HPG)
Hipages is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. In FY 2021, Hipages delivered a 22% increase in revenue to $55.8 million. Pleasingly, it has built on this with a 14% increase in first quarter revenue to $14.9 million despite battling lockdowns. This is still only a small portion of its significant addressable market. Goldman Sachs has a buy rating and $4.90 price target on its shares.
Life360 Inc (ASX: 360)
Life360 is the growing technology company behind the eponymous Life360 mobile app. This increasingly popular app offers families useful features such as communications, driver safety, and location sharing. It recently released its third quarter update and revealed the addition of a further 1.5 million monthly active users (MAU) to 33.8 million. This underpinned a 48% year on year increase in Annualised Monthly Revenue (AMR) (excluding acquisitions) to US$120.1 million. Bell Potter is a big fan and has a buy rating and $12.50 price target on its shares.
Nanosonics Ltd (ASX: NAN)
Nanosonics is one of the world’s leading infection prevention companies. At present, the company is a one-trick pony with the high quality industry-leading trophon EPR disinfection system for ultrasound probes. However, management is in the process of developing and launching new products. One is the Nanosonics Coris platform. This new platform, which is expected to be launched in calendar year 2023, is for cleaning flexible endoscopes. Morgans is positive on Nanosonics and has an add rating and $6.97 price target on its shares.
ResMed Inc. (ASX: RMD)
ResMed is a sleep treatment-focused medical device company. It has been tipped to grow strongly over the long term thanks to its industry-leading products and massive market opportunity. In respect to the latter, management estimates that there are 1 billion people impacted by sleep apnoea worldwide. However, only ~20% of these sufferers have been diagnosed. Supporting this growth is its wide distribution network and growing software business. Credit Suisse is bullish on ResMed. So much so, it has an outperform rating and $43.00 price target on the company’s shares.
Xero Limited (ASX: XRO)
Xero is a leading provider of a cloud-based business and accounting solution to small and medium sized businesses. It has been growing at a strong rate in recent years thanks to the shift to the cloud and its international expansion. The good news is that Xero still has a significant global market opportunity to grow into over the next decade and beyond. It is partly for this reason that Goldman Sachs is very bullish and has a buy rating and $165.00 price target on its shares.