Are you interested in adding some ASX growth shares to your portfolio this week? If you are, you may want to look at the two listed below that have recently been named as buys.
Here's what you need to know about them:
Altium Limited (ASX: ALU)
The first ASX growth share to look at is Altium. It is a printed circuit board design software (PCB) provider.
PCBs are the boards you find in almost all electronic devices. And as they come in all shapes and sizes and with all kinds of different functions, the design of them is an extremely complex process and requires specialist software.
Through its Altium Designer and Altium 365 software, the company owns industry-leading software which is used by many of the biggest companies and organisations in the world such as NASA and Tesla.
Bell Potter is very positive on Altium and continues to forecast strong earnings growth over the coming years. It also sees upside for the Altium share price with its buy rating and $34.00 price target.
ResMed Inc. (ASX: RMD)
Another ASX growth share to look at is ResMed. It is a medical device company which has a focus on sleep treatment solutions.
Over the last decade, ResMed's revenue and earnings have grown at a strong rate thanks to the quality of its products and its large and growing market opportunity.
In respect to the latter, management estimates that there are almost one billion people with sleep apnoea globally (with only ~20% diagnosed) and a little under half a billion people suffering from chronic obstructive pulmonary disease (COPD). This gives it a long runway for growth over the 2020s and beyond.
Morgans is a fan of ResMed and currently has an add rating and $37.95 price target on its shares.
