If you have room for some new portfolio additions, then it could be worth considering the three ASX growth shares listed below.
Here's what you need to know about these buy-rated shares:
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Aristocrat Leisure Limited (ASX: ALL)
The first ASX growth share to look at is Aristocrat Leisure. It is one of the world's leading gaming technology companies. Aristocrat has bounced back strongly from the pandemic and its pokie machines appears to be winning market share again. Furthermore, its digital business continues to grow strongly and is generating significant recurring revenues thanks to the success of games such as RAID. In addition, the company is in the process of acquiring real money gaming giant Playtech for $5 billion. If this deal gets over the line it could give its growth an extra boost.
Morgans is a fan of the company. It has an add rating and $52.00 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 store network. It could be a top long term option due to its bold global expansion plans, which will be overseen by its new CEO, Victor Herrero. He previously led Inditex (Zara, Pull & Bear and Massimo Dutti) in China, which could be a key market for the company in the future.
It is largely for this reason that the team at Macquarie currently has an outperform rating and $25.00 price target on its shares.
Megaport Ltd (ASX: MP1)
A final growth share to look at is this global leading provider of elastic interconnection services. Using software defined networking (SDN), Megaport's global platform allows users to rapidly connect their network to other services across the Megaport Network. Services can then be directly controlled by customers via mobile devices, their computer, or its open API.
Goldman Sachs is very bullish on Megaport and estimates that it has an "immense" $129 billion market opportunity. The broker recently initiated coverage on the company with a buy rating and $20.00 price target on its shares.
