If you're a fan of ASX growth shares like I am, then you might want to look at the three listed below.
That's because all three growth shares have recently been named as buys by analysts. Here's what you need to know about them:
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Pilbara Minerals Ltd (ASX: PLS)
The first ASX growth share that could be a buy is Pilbara Minerals. It is one of the world's largest lithium miners and the owner of the world-class Pilgangoora Project. The company notes that the project's location, high-grade lithium, resource size, outstanding scalability and expansion potential have laid the foundation for a long-life, low-cost, sustainable operation.
Macquarie certainly agrees with this and expects lithium prices to remain strong enough for Pilbara Minerals to generate big profits in the coming years. It is for this reason that the broker currently has an outperform rating and a $7.30 price target on its shares.
Webjet Limited (ASX: WEB)
Another ASX growth share that has been named as a buy is the online travel booking company Webjet. Morgans is a fan of Webjet due to its belief that it exited the pandemic as a significantly stronger company.
It notes that "WEB has clearly come out of COVID with a materially lower cost base, consolidated systems and a large business in the US. With plenty of market share still to win, we maintain an Add rating on this high quality growth stock."
Morgans has an add rating and price target of $8.97 on Webjet's shares.
Xero Limited (ASX: XRO)
Finally, Xero could be another ASX growth share to buy. It provides a platform for online accounting and business services to small businesses. At the last count, it had over 3 million subscribers using its highly regarded platform.
Citi appears confident that Xero's growth can continue for some time to come. In fact, the broker expects "Xero to deliver 3-year EBITDA CAGR >35%." This is expected to be underpinned by "revenue growth of ~19%" and the company's cost reduction plans.
The broker currently has a buy rating and a $120 price target on Xero's shares. It is also worth noting that Goldman Sachs sees even more upside with its buy rating and $130 price target.
