If you’re a fan of growth shares, then you may want to look closely at the three shares listed below.
Here’s why these could be growth shares to buy:
Altium Limited (ASX: ALU)
The first growth share for investors to look at is Altium. It is the electronic design software provider behind the Altium 365 and Altium Designer platforms. In addition, the company owns the Nexus collaboration platform and the Octopart search engine for electronic parts. All of Altium’s platforms have exposure to the printed circuit board (PCB) market, which is growing strongly thanks to favourable industry trends such as Internet of Things (IoT) and artificial intelligence.
The team at Bell Potter is bullish on Altium and is forecasting strong growth in the coming years. It currently has a buy rating and $38.75 price target on the company’s shares.
Breville Group Ltd (ASX: BRG)
Another ASX growth share to look at is Breville. It is the leading appliance manufacturer behind the Baratza, Kambrook, Sage, and eponymous Breville brands. Thanks to its ongoing investment in product development, these brands have been resonating well with consumers for many years. Combined with its international expansion, this has supported solid sales and earnings growth over the last decade. Pleasingly, the team at Morgans expect this to continue and is forecasting double-digit sales growth over the next few years.
Morgans currently has an add rating and $32.00 price target on its shares.
Megaport Ltd (ASX: MP1)
A final ASX growth share that could be a buy is Megaport. It is a leading cloud connectivity and networking solutions provider with operations across a large number of data centres globally. Megaport has been tipped to grow rapidly in the coming years by Goldman Sachs thanks to the long-term structural tailwinds of public cloud adoption (and multi-cloud usage) and the transition towards Networking as a Service (NaaS). Goldman estimates that these tailwinds currently provide it with a $129 billion per annum opportunity across its current geographies.
The broker has a buy rating and $19.90 price target on its shares.