2 stellar ASX growth shares analysts rate as buys

Here are a couple of exciting growth shares that have been rated as buys…

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Looking for growth shares to buy in April? Well, here’s some good news!

Listed below are two growth shares that have recently been named as buys. Here’s what you need to know about them:

Allkem Limited (ASX: AKE)

Allkem could be an ASX growth share to buy in April. It is the top five global lithium mining company that was formed when Galaxy Resources and Orocobre merged last year.

The company owns a collection of high-quality assets including Olaroz, Mt Cattlin, and the Sal de Vida brine project.

Importantly, Allkem is already producing lithium in large quantities. This means that it is benefiting greatly from the record lithium prices being underpinned by the clean energy transition and the adoption of electric vehicles.

Morgans is very positive on Allkem and is forecasting strong earnings growth in the coming years as its production ramps up. It has an add rating and $14.83 price target on its shares.

Pro Medicus Limited (ASX: PME)

Another ASX growth share that is highly rated is Pro Medicus. It provides industry-leading software that facilitates the clinical assessment of medical images.

Pro Medicus has been growing at a rapid clip over the last decade thanks to increasing demand for solutions that can process, transfer and store medical images and associated data efficiently. This is particularly the case given that speed and accuracy is fundamentally linked to both treatment success and commercial incentives.

Pleasingly, the company’s strong form has continued in FY 2022. During the first half, Pro Medicus reported a 40.3% increase in revenue to $44.33 million and a 52.7% jump in net profit after tax to $20.68 million.

Analysts at Bell Potter were impressed and appear confident this strong form can continue. The broker is forecasting full year revenue growth of 36% in FY 2022, 19% in FY 2023, and then 33% in FY 2024.

Bell Potter has a buy rating and $55.00 price target on the company’s shares.

Motley Fool contributor James Mickleboro owns Allkem Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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