If you’re a growth investor with 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 ASX shares:
Lovisa Holdings Limited (ASX: LOV)
The first ASX growth share to look at is Lovisa. It is a fast-fashion jewellery retailer which has been growing at a rapid rate over the last decade. Pleasingly, this strong growth looks unlikely to stop any time soon. This is due to management’s bold global expansion plans, which has analysts at Morgans very excited.
Morgans has an add rating and $24.00 price target on its shares. It believes that “LOV may just prove to be one of the biggest success stories in Australian retail.”
Megaport Ltd (ASX: MP1)
Another growth share to look at is the 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 has a buy rating and $19.90 price target on its shares. The broker believes Megaport’s “opportunity for further growth is immense (GSe A$129bn p.a. spent on fixed enterprise networking across MP1 geographies).”
Nitro Software Ltd (ASX: NTO)
A final ASX growth share to look at is document productivity software company Nitro Software. It is aiming to drive digital transformation with its Nitro Productivity Suite, which provides integrated PDF productivity and electronic signature tools to customers big and small.
Goldman Sachs is also a very big fan of Nitro and has a buy rating and $2.60 price target on its shares. It commented: “We estimate Nitro can increase its TAM penetration from 0.15% to 1.4% by FY40 implying 9x uplift to Nitro’s current revenue base.”