With so many growth shares to choose from on the Australian share market, it can be hard to decide which ones to buy over others.
To narrow things down, I have picked out three options that are highly rated by analysts right now. Here's what you need to know about them:
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Goodman Group (ASX: GMG)
The first ASX growth share to look at is Goodman Group. It is one of the world's leading integrated commercial and industrial property companies with a portfolio of in-demand properties. Goodman sets itself apart from the rest with its highly successful focus 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 growing) and has underpinned stellar earnings growth over the last decade.
The team at Citi is very positive on Goodman. It has a buy rating and $27.50 price target on the company's shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Another ASX growth share to look at is Pushpay. It is a leading donor management and community engagement platform provider for the faith sector. Pushpay has been growing at a rapid rate in recent years thanks to its leadership position, the shift to a cashless society, and the digitisation of the church. It has also made a number of acquisitions that have strengthened its offering and market position. The most recent is the US$150 million acquisition of Resi Media. It is a US-based market-leading streaming solutions provider, servicing more than 70% of the Outreach 100 largest churches in the US. Management notes that it broadens Pushpay's core product offering and enhances its value proposition to customers. Furthermore, it strengthens its digital technology strategy and maintains its position at the forefront of innovation in the faith sector.
Jarden currently has an overweight rating and NZ$1.75 (A$1.65) price target on its shares.
ResMed Inc. (ASX: RMD)
A final ASX growth share to look at is ResMed. It is a medical device company with a focus on the sleep treatment market. Thanks to its industry-leading products, wide distribution network, and successful acquisitions such as Brightree, ResMed has been growing at a very strong rate over the last few years. The good news is that thanks to its significant market opportunity and the growing prevalence of sleep disorders, it has been tipped to continue doing so for the foreseeable future.
Macquarie is positive on the company and has an outperform rating and $39.00 price target on ResMed's shares.
