Are you interested in adding some ASX growth shares to your portfolio in November? 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:
Image source: Getty Images
Allkem Ltd (ASX: AKE)
The first ASX growth share that could be a buy this month is Allkem.
Allkem is the lithium giant that owns a collection of quality projects across several product types. These operations include Olaroz, Mt Cattlin, and the Sal de Vida brine project.
Lithium certainly is a great commodity to be working with right now. With lithium prices at sky high levels and tipped to stay that way in the near term, Allkem appears well-positioned to deliver bumper earnings in the coming years. Particularly given management's plan to grow its production 3x by 2026 and command a 10% share of global lithium production over the long term.
Macquarie is very positive on the company's outlook and has an outperform rating and $21.00 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share that has been named as a buy is Temple & Webster.
It is Australia's leading pure-play online retailer of furniture and homewares.
Temple & Webster has been growing at a strong rate for a number of years thanks to the shift to online shopping. And with the shift in this category still in its early stages compared to other categories, the company appears well-placed to continue benefiting and growing strongly for some time to come.
Goldman Sachs expects that to be the case. In addition, the broker highlights that the category favours scale players, requires a specialised approach to e-commerce, and has higher barriers to entry. This all bodes well for Temple & Webster.
Goldman has a buy rating and $7.55 price target on the company's shares.
