With a new year on the horizon, now could be an opportune time for investors to look at making some portfolio additions.
But which ASX shares should you consider buying for 2023? Listed below are 10 ASX shares that have been tipped as buys:
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Accent Group Ltd (ASX: AX1)
Accent is the company behind a network of retail stores including The Athlete's Foot, Glue, Platypus, and Stylerunner. Given how these stores have exposure to younger consumers that are less impacted by rising interest rates, they have been tipped to perform positively in the current environment. This could make Accent a top option for 2023 according to Goldman Sachs, which has a buy rating and $2.20 price target on its shares.
Allkem Ltd (ASX: AKE)
If lithium prices remain strong in 2023, then this lithium miner could be an ASX share to buy. And if Macquarie is to be believed, its shares could smash the market next year. The broker currently has an outperform rating and lofty $21.00 price target on its shares.
Aristocrat Leisure Limited (ASX: ALL)
This gaming technology company's shares have been named as a buy by analysts at Citi. The broker currently has a buy rating and $41.20 price target on its shares. Its analysts are forecasting earnings per share growth of 25.5% in FY 2023.
Domino's Pizza Enterprises Ltd (ASX: DMP)
With its shares down materially in 2022 (see below), this pizza chain operator has been tipped to bounce back strongly in 2023. This is due to improving trading conditions and its attractive valuation. Morgans has recently reaffirmed its add rating with an $90.00 price target.
Life360 Inc (ASX: 360)
Bell Potter reckons that this location technology company's shares could be strong performers over the next 12 months. The broker currently has a buy rating and $9.00 price target on its shares. Its analysts note that "Life360 has the potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents."
New Hope Corporation Limited (ASX: NHC)
With coal prices tipped to remain strong in 2023, New Hope could be an ASX share to buy. Especially given how Morgans is expecting a fully franked double-digit dividend yield over the next 12 months. Its analysts also see upside for New Hope's shares with their an add rating and $6.80 price target.
Telstra Group Ltd (ASX: TLS)
Morgans is also a fan of the telco giant and believes its shares could be strong performers over the next 12 months. One of the reasons the broker likes Telstra is its recently approved restructure, which it expects to unlock value for shareholders. Morgans has an add rating and $4.60 price target on its shares.
Treasury Wine Estates Ltd (ASX: TWE)
This wine giant has been tipped as a buy by analysts at Goldman Sachs. The broker believes Treasury Wine is well-placed for growth with a more diverse and defensive business. It expects the company to "deliver ~16% NPAT 2022-25e CAGR." Goldman has a buy rating and $14.70 price target on the company's shares.
Woolworths Limited (ASX: WOW)
Another ASX share that Goldman is tipping as a buy is Woolworths. It believes the retail conglomerate is well-placed for growth thanks to its strong market position and digital leadership. Its analysts expect the latter to support further market share and margin gains. Goldman has a conviction buy rating and $41.70 price target on the company's shares. This could make recent share price weakness a good buying opportunity.
Xero Limited (ASX: XRO)
Finally, this cloud accounting platform provider has been named as an ASX share to buy by analysts at Citi. The broker has a buy rating and $97.90 price target on its shares. Citi notes that digitisation of accounting rather than macro is expected to be the key driver of near term growth. This bodes well for Xero given the uncertain economic environment.
