If you're a fan of investing in growth shares, then you may want to look at the ASX shares named below that have been tipped as buys by analysts at Morgans.
Here's why the broker thinks these are some of the best growth shares on the Australian share market right now:
Lovisa Holdings Ltd (ASX: LOV)
Morgans is a big fan of this fashion jewellery retailer and believes it has a material global growth opportunity. The broker also highlights that its highly experienced CEO has been there and done this before with other brands. The broker commented:
LOV has a substantial multi-year global rollout opportunity across four continents. This opportunity has been materially boosted by the acquisition last year of beeline, which took LOV into several new European markets (notably Germany) and accelerated its expansion in France. We think LOV's products fill an underserved niche, offering good quality fashion jewellery at prices that are attainable to the target demographic. The recent appointment of Victor Herrero as CEO, replacing Shane Fallscheer, provides a clue as to the extent of LOV's global ambition, and its impatience to realise that ambition. The next few years will be worth watching.
Its analysts have an add rating and $24.50 price target on the company's shares.
Pro Medicus Limited (ASX: PME)
Another ASX growth share that Morgans believes is destined for big things is Pro Medicus. It is a provider of industry leading health imaging technology. The broker highlights that the company is exposed to favourable long-term industry tailwinds and has contracts with some of the biggest and brightest healthcare companies. It said:
Pro Medicus is a leading healthcare end-to-end imaging software and service provider, servicing a number of the world's largest imaging centres and health care groups. We like the space, with high single digit organic volume growth and long-term industry tailwinds. Profitability in the business is backed up by long-term contracted revenues with some of the world's largest hospital systems and growing pipeline of tenders which we view will provide continued growth over the medium to long term. We view the business as best-in-class as it heads into CY22 with a step-change in billable contracts following the significant volume and value of contracts signed over the last 12-18 months. The recent market weakness in high growth tech names has provided an opportunity for reasonable entry points.
Morgans has an add rating and $58.18 price target on Pro Medicus' shares.
