Are you interested in adding some ASX growth shares to your portfolio this month? If you are, you may want to look at the two listed below that have recently been named as buys.
Here's what you need to know about these ASX growth shares:
Adore Beauty Group Limited (ASX: ABY)
The first ASX growth share to look at is Adore Beauty. It is an integrated content, marketing and e-commerce retail platform that partners with a broad and diverse portfolio of approximately 260 brands and 10,800 products.
Adore Beauty has been growing at a rapid rate over the last few years and continued doing so during the first quarter of FY 2022. Adore Beauty reported a 25% increase in revenue to $63.8 million and a 24% lift in active customers to 874,000. While it remains unclear whether this strong form continued during the second quarter, one thing that is for sure is that Adore Beauty has a significant long term market opportunity to grow into. This is thanks to its strong position in an Australian beauty and personal care (BPC) market which is currently estimated to be worth $11.2 billion and growing.
The team at UBS is positive on Adore Beauty. The broker currently has a buy rating and $6.00 price target on its shares.
Altium Limited (ASX: ALU)
Another ASX growth share to look at is Altium. It is an award-winning printed circuit board (PCB) design software provider. PCBs are the foundation of most modern electronic devices and come in all different shapes and sizes.
Altium could a top long term option for investors due to its strong growth potential thanks to its exposure to the rapidly growing Internet of Things and artificial intelligence markets. These are underpinning an explosion in electronic devices globally, which bodes well for its industry-leading Altium Designer and Altium 365 software and also its other complementary businesses such as NEXUS and Octopart.
Jefferies is a fan of Altium and has a buy rating and $48.83 price target on its shares.
