2 excellent ASX shares to buy and hold for a decade

These ASX shares could be great long term buys…

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If you’re looking for ASX shares to buy and hold, then you may want to consider the two listed below.

Both have been named as buys and tipped for big things in the future. Here’s what analysts are saying:

Altium Limited (ASX: ALU)

The first ASX share to look at is Altium. It is the technology company behind the Altium 365 and Altium Designer electronic design platforms, the Nexus collaboration platform, and the Octopart parts search engine.

This portfolio of businesses have positioned Altium perfectly to profit from the increasing demand for electronic design and related software due to the rapidly growing Internet of Things (IoT) and AI markets.

Bell Potter is a fan of Altium and believes it is well-placed for growth in the coming years. So much so, it has forecast net profit to more than double between FY 2021 and FY 2024 from $47 million to $105 million.

The broker has a buy rating and $41.25 price target on the company’s shares.

Lovisa Holdings Limited (ASX: LOV)

Another ASX share that could be a top buy and hold option is Lovisa. It has already been growing at a solid rate for a number of years but appears well-placed to continue this trend long into the future.

This is due to the company’s strong brand and bold global expansion plans.

The team at Morgans is very positive on Lovisa’s outlook and believe it “could prove to be one of the biggest success stories in Australian retail.”

The broker added: “With ambitious (and financially well-incentivised) new leadership in place, we think now is the time LOV steps up to become a global force. Investment will be needed to expand LOV’s network in the US and Europe and to take it into new markets, but the returns could be stellar.”

Morgans has an add rating and $24.00 price target on its shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Altium. The Motley Fool Australia has recommended Lovisa Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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