If you're a fan of growth shares, then you might want to look closely at the three shares listed below.
Here's why these could be growth shares to buy:
Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is leading appliance manufacturer Breville. Thanks to acquisitions and its ongoing investment in product development, the company's portfolio has been resonating well with consumers for many years. Together with its international expansion, this has underpinned solid sales and earnings growth over the last decade. Pleasingly, the team at Morgans expect this positive trend to continue. They are forecasting double-digit sales growth over the next few years.
Morgans currently has an add rating and $25.00 price target on its shares.
Megaport Ltd (ASX: MP1)
Another ASX growth share that could be a buy is Megaport. It is a leading cloud connectivity and networking solutions provider with operations across a large number of data centres globally. Goldman Sachs is tipping Megaport to grow rapidly in the coming years thanks to its first mover advantage in an industry benefiting from the long-term structural tailwinds of public cloud adoption (and multi-cloud usage) and the transition towards Networking as a Service (NaaS). The broker estimates that these tailwinds currently provide it with a $129 billion per annum opportunity across its current geographies.
Goldman has a buy rating and $9.60 price target on its shares. Elsewhere, it is worth highlighting that UBS has a buy rating and significantly higher price target of $17.60.
ResMed Inc. (ASX: RMD)
A final growth share to look at is ResMed. It is a sleep treatment focused medical device company which has been tipped to continue its strong growth long into the future. This is expected to be underpinned by ResMed's world class products, significant and growing market opportunity, and its increasingly important digital platform. The latter has seen ResMed develop a patient-centric, connected-care digital platform which the team at Morgans notes is addressing the main pinch points across the healthcare value chain.
Morgans is very positive on the company's future and has an add rating and $37.95 price target on its shares.
