Analysts say these ASX growth shares are buys

Here are three growth shares analysts rate as buys…

| More on:
a man leans back in his chair with his arms supporting his head as he smiles a satisfied smile while sitting at his desk with his laptop computer open in front of him.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Are you looking to add some growth shares to your portfolio in October?

If you are, then the three ASX growth shares listed below could be worth considering. Here's why analysts rate them as buys:

Allkem Ltd (ASX: AKE)

The first ASX growth share that has been tipped as a buy is Allkem. It is a leading lithium miner with projects in Argentina, Australia, and North America. The company is already producing large quantities of lithium, but won't stop there. It is now aiming to grow its production in a manner that allows it to maintain a 10% share of global lithium supply over the long term.

Macquarie is bullish on Allkem due to the strong lithium pricing outlook. As a result, it has put an outperform rating and $21.00 price target on its shares.

NextDC Ltd (ASX: NXT)

Another ASX growth share that has been named as a buy is NextDC. It is one of the ANZ region's leading data centre operators with a portfolio of world class centres across key locations throughout Australia. But like Allkem, NextDC isn't resting on its laurels. It is now looking to expand into regional locations and overseas in Asia. This appears to put NextDC is a strong position to benefit from the ongoing structural shift to the cloud.

Goldman Sachs believes NextDC is well-placed for long term growth and has put a buy rating and $14.20 price target on its shares.

Treasury Wine Estates Ltd (ASX: TWE)

A final ASX growth share that has been tipped as a buy is Treasury Wine. It is the wine giant behind popular brands such as Penfolds, 19 Crimes, and Wolf Blass. The company was a very strong performer in FY 2022 thanks to its growing US business and the success of its premiumisation strategy.

Pleasingly, Morgans is bullish on Treasury Wine's outlook and is forecasting "strong earnings growth" over the next few years. In light of this, it has put an add rating and $13.93 price target on its shares.

Motley Fool contributor James Mickleboro has positions in Allkem Limited and NEXTDC Limited. 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 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.

More on Growth Shares

a happy investor with a wide smile points to a graph that shows an upward trending share price
Growth Shares

Here are the top five ASX 200 shares in Macquarie's model growth portfolio

These ASX 200 shares are highly rated by analysts at Macquarie.

Read more »

a man with a wide, eager smile on his face holds up three fingers.
Growth Shares

3 ASX shares to buy in 2024 and hold for the next 10 years

Analysts think these top shares are in the buy zone right now.

Read more »

A man leans forward over his phone in his hands with a satisfied smirk on his face although he has just learned something pleasing or received some satisfying news.
Growth Shares

4 ASX growth shares I think will benefit from interest rate cuts in 2024

Not only will home loan holders rejoice, investors of these stocks could also be yelling with joy when the Reserve…

Read more »

A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.
Growth Shares

3 of the best ASX growth shares to buy now

Analysts see plenty of upside for these buy-rated shares.

Read more »

A man and woman in an office look at a laptop and discuss investing, budget strategies or other financial concepts
Growth Shares

Here's why analysts love these buy-rated ASX 200 growth shares

There's a reason analysts are feeling bullish about these companies.

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Growth Shares

Big returns could be coming for high-flying Lovisa shares

Morgans doesn't believe it is too late to snap up this hot stock.

Read more »

Smiling young parents with their daughter dream of success.
Growth Shares

Why these ASX 200 growth shares could be top buys now

Analysts are feeling bullish about these growth stocks. Let’s see what they’re saying.

Read more »

Concept image of a man in a suit with his chest on fire.
Growth Shares

Ignore the noise and buy this hot ASX growth stock

A recent pullback may have created a buying opportunity according to Bell Potter.

Read more »