Buy Pilbara Minerals and this exciting ASX growth share: analysts

Lithium and furniture are where analysts are urging investors to put their money.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Investors looking for ASX growth shares to buy might want to check out the two listed below.

These shares have been named as buys and tipped to climb meaningfully higher from current levels. Here's what you need to know:

a happy investor with a wide smile points to a graph that shows an upward trending share price

Image source: Getty Images

Pilbara Minerals Ltd (ASX: PLS)

The first ASX growth share to look at is Pilbara Minerals. It is one of the world's leading lithium miners and the owner of a collection of high quality assets. Its shares have been hammered recently amid concerns over falling lithium prices.

Morgans appears to see this as a buying opportunity for investors. Particularly given its belief that prices could rebound. This is because it suspects "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.

Temple & Webster Group Ltd (ASX: TPW)

Another ASX growth share that could be in the buy zone is online furniture and homewares retailer Temple & Webster.

It operates largely through a drop-shipping model, which is complemented by a private label range sourced directly by management. This means it doesn't come with inventory risks that have crippled fellow online retailer Kogan.com Ltd (ASX: KGN) recently.

And while a softer than expected trading update with its half-year results last month has spooked the market, Goldman Sachs feels investors should take advantage of this selloff.

This is because it believes the update reflects "the lapping of omicron rather than a deterioration in underlying trends." It also notes that the company's "long term structural growth opportunity is unchanged" and continues to "forecast a 21% 10-yr EBITDA CAGR driven by consolidation of market share and growing online penetration."

Goldman Sachs has a buy rating and $6.50 price target on the company's shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com and Temple & Webster Group. The Motley Fool Australia has positions in and has recommended Kogan.com. The Motley Fool Australia has recommended Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Growth Shares

a man wearing casual clothes fans a selection of Australian banknotes over his chin with an excited, widemouthed expression on his face.
Growth Shares

3 fantastic ASX shares that could help build long-term wealth

Analysts think these shares are in the buy zone right now.

Read more »

A fit woman in workout gear flexes her muscles with two bigger people flexing behind her, indicating growth.
Growth Shares

2 ASX 200 shares I rate as top buys for growth

These sizeable businesses could scale significantly from here…

Read more »

Person pointing at an increasing blue graph which represents a rising share price.
Growth Shares

Where to invest $7,000 in ASX shares during April

I’m optimistic that these ASX shares could beat the stock market.

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Growth Shares

3 ASX 200 shares that could quietly compound for years

Let's see what sets these shares apart from the crowd.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Growth Shares

3 ASX shares tipped to grow 100% or more in the next 12 months

Here’s how much these exciting stocks could rise in the year ahead.

Read more »

Buy now written on a red key with a shopping trolley on an Apple keyboard.
Growth Shares

2 ASX shares highly recommended to buy: Experts

Analysts think it’s a good time to invest in these names…

Read more »

A female ASX investor looks through a magnifying glass that enlarges her eye and holds her hand to her face with her mouth open as if looking at something of great interest or surprise.
Growth Shares

2 under-the-radar ASX shares with bags of potential

It could be worth getting better acquainted with these shares.

Read more »

Happy man working on his laptop.
Growth Shares

Brokers rate these 3 top ASX shares as buys in April

Experts are optimistic about what these businesses can achieve.

Read more »