Are you interested in adding some ASX growth shares to your portfolio this month? If you are, you may want to look at the ones listed below that have recently been named as buys.
Here's what you need to know about them:
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Adore Beauty Group Limited (ASX: ABY)
Adore Beauty is Australia's leading online beauty retailer. Despite its leadership position and almost 1 million customers, it is still only commanding a modest share of the $11.2 billion Australian beauty and personal care (BPC) market. But as more and more sales shift online, Adore Beauty looks well-placed to benefit. This provides it with a long runway for growth over the 2020s.
UBS is a fan of the company. It has a buy rating and $6.00 price target.
Altium Limited (ASX: ALU)
Altium is a leading printed circuit board design software provider. It could be a top option for investors due to its strong long term growth potential thanks to its exposure to the rapidly growing Internet of Things and artificial intelligence markets. These are driving increasing demand for its Altium Designer and Altium 365 software and also its other businesses such as the Octopart search engine.
Jefferies is very positive on Altium and has a buy rating and $48.83 price target on the company's shares.
ResMed Inc. (ASX: RMD)
ResMed is a medical device company which has a focus on sleep treatment solutions. Over the last decade the company's revenue and earnings have grown at a very strong rate thanks to the quality of its products and its large and growing market opportunity. In respect to the latter, management estimates that there are almost one billion people with sleep apnoea globally, with only ~20% diagnosed. It also notes that a little under half a billion people suffer from chronic obstructive pulmonary disease (COPD) globally. These markets alone give ResMed a very long growth runway.
Morgans is a fan of ResMed and currently has an add rating and $40.80 price target.
