If you have room for some new portfolio additions, then it could be worth considering the two ASX growth shares listed below.
Analysts are very positive on these shares and have recently rated them as buys. Here's what you need to know about them:
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Allkem Ltd (ASX: AKE)
The first ASX growth share for investors to consider is this leading lithium miner.
Allkem was formed after two leading lithium miners, Galaxy Resources and Orocobre, merged last year to create a top five global lithium miner. It owns a number of operations across the world including Olaroz, James Bay, Mt Cattlin, and the Sal de Vida brine project.
Combined, the company appears well-placed to benefit from sky high lithium prices being underpinned by tight supply, the decarbonisation trend, and the rise of electric vehicles.
Morgans is very positive on lithium prices and has named Allkem its top pick in the industry. It currently has an add rating and $13.25 price target on its shares.
Megaport Ltd (ASX: MP1)
Another ASX growth share that could be in the buy zone is Megaport. It is a leading cloud connectivity and networking solutions provider.
Megaport has been growing at a solid rate in recent years thanks to its first mover advantage in a market benefiting from two long-term structural tailwinds. These are the adoption of public cloud (and multi-cloud usage) and the transition towards Networking as a Service (NaaS).
Goldman Sachs is very positive on Megaport's outlook and believes it has an enormous growth runway. It notes that the company has a A$129bn opportunity in fixed enterprise networking.
It is for this reason that the broker recently initiated coverage on the company's shares with a buy rating and $20.00 price target.
