If you’re a growth investor with room for some new additions to your portfolio, then it could be worth considering the two 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 Domino’s. It is of course the ANZ region’s leading pizza chain operator with almost 900 stores across the two countries. In addition, the company has over 1,300 stores in Europe and over 1,000 stores in Asia.
But management isn’t settling for that. It has set itself a milestone of 6,650 stores by 2033, which is 2.1x its current market size. If Domino’s delivers on this and continues its long track record of same store sales growth, this will bode well for its growth over the next decade.
Morgans is a fan of the company due to its growth plans. And following recent weakness, it believes “there is meaningful upside to the current share price over the next 12 months.”
Morgans has an add rating and $93.00 price target on its shares.
IDP Education Ltd (ASX: IEL)
Another ASX growth share that has been tipped as a buy is IDP Education. It is a provider of international student placement and English language testing services across several countries.
The team at Goldman Sachs is very positive on IDP Education’s outlook. Particularly given structural drivers and recent acquisitions. The latter have strengthened its market position in key markets.
In fact, the broker believes that IDP Education’s outlook is so strong that it is forecasting a “68% 3yr EPS CAGR (FY21-FY24E).”
In light of this strong earnings growth potential, Goldman Sachs currently has a buy rating and $35.50 price target on the company’s shares.