Analysts are tipping these ASX growth shares as buys

Analysts say these growth shares are in the buy zone…

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Looking for some growth shares for your portfolio? Then take a look at the three listed below that are rated as buys.

Here’s what you need to know about these growth shares:

Life360 Inc (ASX: 360)

The first ASX growth share to look at is Life360. Its massively popular Life360 app is the world’s leading real time, location-sharing app used by families across the world to stay safe and communicate. At the last count, there were over 30 million monthly active users on its platform. Through its freemium model, LIfe360 is generating significant recurring revenue and creating material cross-selling and upselling opportunities for the company.

Bell Potter currently has a buy rating and $7.50 price target on its shares. It believes the company has a huge opportunity to monetise its user base. It notes that the company “has the potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents.” This includes “insurance, item & pet tracking, senior monitoring, home security and/or identity theft.”

Lovisa Holdings Limited (ASX: LOV)

Another ASX growth share that could be in the buy zone is Lovisa. It is a fast-fashion jewellery retailer which has set itself big expansion goals over the coming years. And with an experienced management team behind it who have been there and done that with other retailers, Lovisa appears well-placed to execute on its plans and deliver strong growth over the next decade.

Morgans is 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.”

Temple & Webster Group Ltd (ASX: TPW)

A final ASX growth share to look at is this online furniture and homewares retailer. It has been growing very strongly over the last few years thanks to the ongoing shift to online shopping. Pleasingly, this has continued in FY 2022. A recent trading update revealed year on year revenue growth of 23% for the period 1 January to the 30 April.

Goldman Sachs has a buy rating and $12.65 price target on its shares. The broker likes Temple & Webster due to its “early lead in the home furniture category which is still in the early stages of online penetration.”

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. and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Lovisa Holdings Ltd and Temple & Webster Group 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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