If you're a fan of growth shares like I am, then you may want to take a look at the two listed below.
Both have been named as buys and tipped to provide investors with strong returns. Here's what brokers are saying about them:
NextDC Ltd (ASX: NXT)
The first ASX growth share to consider is NextDC. From its growing collection of world class Tier III and Tier IV data centre facilities across Australia, NextDC provides colocation services to local and international organisations.
The structural shift to the cloud, which accelerated during the pandemic, has led to significant demand for NEXTDC's services over the last few years. Positively, this shift still has a long way to go, which is expected to underpin strong sales and profit growth for the foreseeable future.
This should be supported by its expansion into the Asia-Pacific market. NextDC recently raised over $600 million to support its foray into Malaysia and New Zealand.
Goldman Sachs is positive on the company. It currently has a buy rating and $14.96 price target on its shares.
ResMed Inc. (ASX: RMD)
Another ASX growth share to consider is ResMed. It is a sleep treatment focused medical device company that has been growing at a consistently strong rate over the last decade.
Pleasingly, the company looks well-placed to continue this strong form long into the future. This is thanks to its world-class products, its growing cloud business, and its large addressable market.
In respect to the latter, with education around sleep disorders increasing, more and more sufferers are seeking treatment options. This puts ResMed in a great position to benefit. As does the structural shift to home healthcare, according to Morgans.
Its analysts believe the company "remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain."
Morgans currently has an add rating and $37.80 price target on its shares.
