Experts name 2 ASX growth shares to buy with major upside potential

Here are two ASX growth shares named as buys…

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If you’re looking for some growth shares to add to your portfolio, then the two listed below could be worth a look.

Both of these ASX growth shares have been named as buys and tipped to climb materially higher from current levels. Here’s what analysts are saying about them:

Lovisa Holdings Limited (ASX: LOV)

The first ASX growth share to consider is fast-fashion jewellery retailer, Lovisa.

Thanks to the popularity of its offering and its global expansion plans, it has been tipped to grow strongly over the next decade.

For example, the team at Morgans even believe the company could “prove to be one of the biggest success stories in Australian retail.”

In light of this, its analysts have put an add rating and $24.00 price target on its shares. Based on the current Lovisa share price of $12.89, this implies potential upside of 86% for investors.

Treasury Wine Estates Ltd (ASX: TWE)

Another ASX growth share that could be in the buy zone is Treasury Wine. It is the wine giant behind a range of brands such as 19 Crimes, Penfolds, and Wolf Blass.

The last few years have been difficult for Treasury Wine and its earnings have taken a major hit. This was driven by COVID-19 headwinds and the company’s exile from China.

The good news is that things are looking up now for the wine giant. This is thanks largely to its success in the North American market. In fact, the team at Morgans believe the “foundations are now in place for TWE to deliver strong double-digit growth from 2H22 over the next few years.”

As a result, its analysts have put an add rating and $13.93 price target on the company’s shares. Based on the current Treasury Wine share price of $10.88, this implies potential upside of 28% for investors.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Lovisa Holdings Ltd and Treasury Wine Estates Limited. 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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