Are you interested in adding some ASX growth shares to your portfolio? If you are, you may want to look at the three listed below.
Here's what you need to know about these buy-rated growth shares:
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Life360 Inc (ASX: 360)
The first ASX growth share that has been named as a buy is this rapidly growing location technology company.
Life360 provides a mobile app for families that offers useful features such as communications, driver safety, and location sharing. At the last count, there were approximately 50 million active monthly users of the app, which is generating significant recurring revenue.
Bell Potter is bullish on the company's future. It currently has a buy rating and $9.00 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share that could be a buy is this leading online furniture and homewares retailer.
Goldman Sachs has tipped Temple & Webster to grow very strongly over the long term thanks to its strong position in a retail category that is still in the early stages of shifting online.
It highlights that the category in Australia remains under-penetrated online relative to other markets with 16.5% of sales made online versus 28% in the UK and 25% in the United States. And with this side of the retail market having higher barriers to entry, this bodes well for Temple & Webster.
Goldman has a buy rating and $7.60 price target on its shares.
WiseTech Global Ltd (ASX: WTC)
A final ASX growth share that could be a buy is this logistics solutions company.
WiseTech is the company behind the popular CargoWise One solution, which allows users to execute complex logistics transactions and manage freight operations from a single, easy to use platform.
Demand has been strong for its platform over the last few years and underpinned strong sales and profit growth. The good news is that this strong form is expected to continue in FY 2023, with management recently reaffirming its guidance for revenue growth of 20% to 23% and EBITDA growth of 21% to 30%.
Morgan Stanley is positive on the company's outlook. It has an overweight rating and $64.00 price target on its shares.
