If you're wanting to make some new additions to your portfolio, you're in luck! Right now, there are a lot of quality options to choose from on the Australian share market.
To help narrow things down, I've picked out three ASX shares that analysts have tipped as buys. They are as follows:
Megaport Ltd (ASX: MP1)
Megaport could be an ASX share to consider buying. It is a technology company that offers scalable bandwidth for public and private cloud connections, metro ethernet, and data centre backhaul. Megaport has networking equipment in hundreds of data centres around the world. This has created a software layer that provides an easy way for users to create and manage network connections. This means that through the Megaport network, users can create and run a global network with or without the need for physical infrastructure. Macquarie recently initiated coverage on Megaport with an outperform rating and $24.00 price target on its shares.
PointsBet Holdings Ltd (ASX: PBH)
PointsBet is another ASX share to look closely at. It is a sports betting operator and iGaming provider offering innovative sports and racing betting products and services via a scalable cloud-based platform. It has been growing at a rapid rate over the last few years thanks to its growing customer base in both the ANZ and US markets. Looking ahead, Goldman Sachs expects this positive form to continue and is forecasting very strong growth over the coming years as its US expansion gathers pace. This expansion will be supported by its game-changing deal with US sports broadcaster NBCUniversal. Goldman currently has a buy rating and $12.79 price target on the company's shares.
Temple & Webster Group Ltd (ASX: TPW)
Finally, this online furniture and homewares retailer could be an ASX share to buy. It appears well-placed for growth over the long term thanks to the ongoing structural shift online. With just an estimated 7% to 9% of category sales made online in Australia in 2020, we have a lot of catching up to do with other western markets. The US, for example, has ~25% of category sales made online. This bodes well for Temple & Webster given its leadership position online. Morgan Stanley has an overweight rating and $16.00 price target on Temple & Webster's shares.
