If you have room for some new portfolio additions, then it could be worth considering the two ASX growth shares listed below.
Both shares have recently been named as buys by equity analysts at Macquarie Group Ltd (ASX: MQG). Here's what you need to know about these shares:
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Allkem Ltd (ASX: AKE)
The first ASX growth share to consider is Allkem. It is the result of the merger of two leading lithium miners – Galaxy Resources and Orocobre.
This merger made the company a top five global lithium miner with a collection of world class operations including Olaroz, Mt Cattlin, and the Sal de Vida brine project.
Unlike many lithium explorers and developers, Allkem is already benefiting from the sky high lithium prices being underpinned by the decarbonisation trend and the rapid adoption of electric vehicles. This bodes well for its growth in the coming years
Macquarie is very bullish on lithium and Allkem. It currently has an outperform rating and $13.60 price target on its shares.
Lovisa Holdings Limited (ASX: LOV)
Another ASX growth share to look at is Lovisa. It is a fast-fashion jewellery retailer with a growing global store network.
Lovisa recently announced the appointment of Victor Herrero as its new CEO. Mr Herrero was previously the Head of Asia Pacific and Managing Director Greater China for Inditex (Zara, Pull & Bear and Massimo Dutti), the CEO of Guess, and the CEO of Clarks.
This appointment went down well with Macquarie. It notes that Mr Herrero has experience in China and India, which will be a key focus for Lovisa. In fact, the broker sees scope for the company to open as many as 1,400 stores in these markets alone.
In light of this, it is very positive on its long term growth prospects. Macquarie has an outperform rating and $25.00 price target on its shares.
