Investors that have a higher than average tolerance for risk might want to check out the ASX growth shares listed below.
These shares have been named as buys and tipped to climb meaningfully from current levels. Here's what you need to know:
ResMed Inc. (ASX: RMD)
The first ASX 200 growth share to buy could be ResMed. It is a medical device company with a focus on the sleep disorder treatment market. It has been tipped to continue growing at a solid rate long into the future thanks to its large and growing market opportunity. The latter is estimated to comprise almost one billion people with sleep apnoea globally and a little under half a billion people suffering from chronic obstructive pulmonary disease (COPD). And as the majority of these people are undiagnosed, ResMed has a long runway for growth.
Morgans is bullish on ResMed and has an add rating and $37.24 price target on its shares.
Pilbara Minerals Ltd (ASX: PLS)
Pilbara Minerals could be another ASX 200 growth share to buy. It is one of the largest lithium miners in the world and the owner of a collection of high quality assets. Morgans is also very positive on Pilbara Minerals and believes its shares been oversold recently. Especially given its belief that "demand in the Chinese market could increase [for lithium] from March onwards."
Morgans currently has an add rating and $4.70 price target on this lithium miner's shares.
Xero Limited (ASX: XRO)
A final ASX 200 growth share that has been named as a buy is Xero. It is a cloud-based accounting solution provider to millions of small businesses globally. While the company is generating significant recurring revenue from its 3.3 million subscribers, it is nothing compared to what it could be in the future. Goldman Sachs estimates that it has a total addressable market of 100 million, which gives Xero a huge growth runway over the next decade or two.
Goldman Sachs has a buy rating and $109.00 price target on its shares.
