Investors looking for ASX growth shares to buy might want to look at the three listed below.
These shares have been named as buys and tipped to climb meaningfully from current levels. Here's what you need to know:
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Pilbara Minerals Ltd (ASX: PLS)
This first ASX growth share to buy could be Pilbara Minerals. It is one of the world's leading lithium miners with a collection of high quality assets that are generating significant free cash flow. So much so, the company recently declared its maiden dividend. And while recent pressure on lithium prices has weighed on sentiment, the team at Morgans believe prices could soon benefit from "demand in the Chinese market [increasing] from March onwards."
Morgans currently has an add rating and $4.70 price target on this lithium miner's shares.
Readytech Holdings Ltd (ASX: RDY)
Another ASX growth share to buy could be Readytech. It is a leading provider of mission-critical software-as-a-service (SaaS) solutions for the education, employment services, workforce management, government and justice sectors. Goldman Sachs is bullish on the company due to its attractive valuation and exposure to government software. It notes that the latter "has been a pocket of strength and resilience" and expects it to help "deliver mid-teens organic growth at an expanding profit margin through the cycle."
Goldman has a buy rating and $4.40 price target on its shares.
ResMed Inc. (ASX: RMD)
A final ASX growth share to buy could be ResMed. It is a medical device company with a focus on the sleep disorder treatment market. Goldman is also bullish on ResMed and believes it is well-placed for growth in the coming years. In fact, its analysts "currently model an EPS CAGR of +11% (FY23-26E), with potential upside depending on how competitive/regulatory dynamics develop."
Goldman has a buy rating and $38.00 price target on its shares.
