If you're a growth investor with room for some new portfolio additions in May, 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:
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Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is this leading appliance manufacturer. Breville has been growing at a solid rate for many years thanks to the success of its product development and its global expansion. Pleasingly, both continue with Breville investing heavily in R&D and entering new markets.
Morgans is a fan of the company and has an add rating and $32.00 price target on its shares. The broker believes Breville is "positioned to deliver double-digit sales growth consistently over the next few years as it grows its market share, notably in geographies into which it has recently launched."
Lovisa Holdings Limited (ASX: LOV)
Another ASX growth share that is rated highly is Lovisa. It is a fast-fashion jewellery retailer which has been tipped to grow very strongly in the future. This is due to the popularity of its offering and management's bold global expansion plans.
Morgans is also very positive on Lovisa and has an add rating and $24.00 price target on its shares. It is very bullish on the company's global expansion plans and believes "LOV may just prove to be one of the biggest success stories in Australian retail."
Megaport Ltd (ASX: MP1)
A final growth share to look at is the global leading provider of elastic interconnection services. Megaport's global platform allows users to rapidly connect their network to other services across the Megaport Network, which can then be directly controlled by customers via mobile devices, their computer, or its open API. This is proving to be a very popular solution given the structural shift to the cloud.
Goldman Sachs is a big fan of Megaport and has a buy rating and $13.10 price target on its shares. While the broker was disappointed with Megaport's recent quarterly update, it notes that "the long term opportunity for MP1 is unchanged, given (1) the growth in cloud/multi-cloud demand; (2) efficiency benefits from network 'softwarisation'; and (3) MP1's product lead."
