'Supply is tight': 2 ASX shares ready to grow like teenagers

The economy might be struggling after all the interest rate hikes, but experts reckon this pair will rocket ahead regardless.

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The economy is looking dire at the moment as the impact of 12 interest rate hikes in 13 months takes a toll on consumers and businesses alike.

However, the share market is forward-looking, which means many growth shares are on an upward curve in anticipation of the rate rise run coming to an end.

Here are two such examples that experts reckon are worth buying at the moment:

'Significant store growth potential across multiple markets'

With an economic slowdown looming, retailers have understandably taken a belting this year in their valuations.

Budget jewellery merchant Lovisa Holdings Ltd (ASX: LOV) has thus taken a 26.8% haircut in its stock price since 24 April.

While the low-price nature of its products provides some defence, Sequoia Wealth Management senior wealth manager Peter Day pointed out it's not completely immune from consumers locking their wallets.

"Offering highly competitive price points is proving resilient," Day told The Bull.

"However, despite a relatively attractive position, we expect like-for-like sales growth to moderate in 2023."

But the real tailwind for Lovisa is that it's in the midst of a massive expansion drive.

"This fashion jewellery and accessories retailer has generated strong sales growth on the back of persistent store growth across existing and new markets," said Day.

"We retain a buy rating due to significant store growth potential across multiple markets."

The retailer enjoys widespread support among Day's peers.

According to CMC Markets, six out of nine analysts currently rate Lovisa as a strong buy.

High demand, low supply

While the typical Australian may not directly feel the impacts, Russia's invasion of Ukraine last year changed the world.

This was especially so in the energy industry as western nations that formerly relied on Russian oil and gas imports were forced to rethink their supply security.

As such, nuclear power, which was shunned by much of the world after the 2011 Fukushima disaster, has come back into vogue.

Medallion Financial director Phillip Bui feels like Australian uranium producer Boss Energy Ltd (ASX: BOE) is perfectly placed to take advantage of this surge in demand.

"This company is one of our preferred exposures to the uranium space."

Boss runs the Honeymoon uranium site in South Australia.

"The mine is set to resume production in the December 2023 quarter," said Bui.

"The uranium price has been steadily increasing, as supply is tight after a decade of low investment."

The Boss Energy share price has already rocketed about 50% so far in 2023.

Like Lovisa, the stock enjoys decent support among the professional community. Four out of five analysts currently surveyed on CMC Markets reckon it's a strong buy.

Motley Fool contributor Tony Yoo 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 Lovisa. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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