If you're looking to make some additions to your portfolio in February, then the two ASX shares listed below could be great options.
They have been tipped as shares that could generate strong returns for investors in 2022 and beyond. Here's what you need to know about them:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
The first ASX growth share to look at is Domino's. It could be a good option due to the pizza chain operator's strong market position and bold growth targets over the next decade. At the end of FY 2021, Domino's had a network of 2,949 stores. It is now aiming to more than double this to 6,650 stores by FY 2033. And that's just in existing markets. The company has the balance sheet capacity to acquire its way into other markets and has revealed that it is actively looking for M&A opportunities.
One broker that is a fan of Domino's is Goldman Sachs. The broker currently has a buy rating and $147.00 price target on its shares. This compares favourably to the current Domino's share price of $95.67.
Nanosonics Ltd (ASX: NAN)
Another ASX growth share to look at is Nanosonics. It is one of the world's leading infection prevention companies and the name behind the trophon EPR disinfection system for ultrasound probes. This product is regarded as the best in its class and has been capturing market share consistently over the last decade. This has underpinned strong unit sales and even stronger recurring revenues from the consumables that the system requires. Looking ahead, Nanosonics appears well-placed for growth thanks to the increased importance of infection prevention following the pandemic and planned new product launches.
Morgans is positive on the company's outlook. It currently has an add rating and lofty $6.97 price target on its shares. This compares to the latest Nanosonics share price of $4.85.
