3 excellent ASX growth shares with major upside potential

These growth shares could be heading a lot higher…

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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:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The first ASX growth share to look at is this pizza chain operator, Domino’s. With its shares down 44% since the start the year, now could be an opportune time to invest. Particularly given its positive long term growth outlook, which is being underpinned by its plan to more than double its network by FY 2033. Morgans is very positive on Domino’s and believes “there is meaningful upside to the current share price over the next 12 months.”

Morgans has an add rating and $100.00 price target on its shares.

Life360 Inc (ASX: 360)

Another ASX growth share to look at is Life360. This growing technology company is responsible for the Life360 mobile app, which is a market leading app for families. It recently released its first quarter results and revealed a 36% increase in its global monthly active users to 38.3 million. This helped underpin a 73% increase in annualised monthly revenue to US$166.1 million. And while Life360 still isn’t profitable, which is weighing on its shares in the current environment, it has a hefty cash balance and plans to be cash flow positive in 2023.

Bell Potter is positive on the company and believes it has ample cash to fund it through to cash flow breakeven. The broker has a buy rating and $7.50 price target on its shares.

Lovisa Holdings Limited (ASX: LOV)

A final ASX growth share that is rated highly is Lovisa. It is a fast-fashion jewellery retailer which, like Domino’s, has set itself big expansion goals. And with an experienced management team behind it, Lovisa appears well-placed for strong growth over the next decade.

Morgans is also very positive on Lovisa and has an add rating and $24.00 price target on its shares. Its analysts are bullish on the company’s global expansion plans and believe “LOV may just prove to be one of the biggest success stories in Australian retail.”

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and 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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