If you have a penchant for ASX growth shares, then you won't want to miss out on the ones listed below.
That's because not only are these growth shares rated as buys by brokers, but they have also been tipped to rise over 30% from current levels.
Here's what you need to know about them:
Image source: Getty Images
Lovisa Holdings Ltd (ASX: LOV)
This ASX growth share could have huge upside potential according to analysts at Bell Potter. The broker likes the fashion jewellery retailer due to its global expansion plans and low price points. The latter could prove important when consumers start watching what they spend. And, in respect to its expansion, Bell Potter believes Lovisa "will be able to execute on the large store opportunity ahead, having penetrated ~20% of the growth runway."
The broker has a buy rating and a $30.50 price target on its shares. This suggests a potential upside of almost 46% for investors.
Pilbara Minerals Ltd (ASX: PLS)
Another ASX growth share that could be a buy is Pilbara Minerals. It is of course one of the world's largest lithium miners. Over the last couple of years, the company has been growing its earnings rapidly thanks to a combination of production growth and strong lithium prices. And while the latter is starting the fade, the former continues. This bodes well for its future earnings according to analysts at Macquarie, who sees significant value in its shares at the current level.
Macquarie has an outperform rating and a $7.30 price target on its shares. This implies a potential upside of ~45% over the next 12 months.
Readytech Holdings Ltd (ASX: RDY)
Another ASX growth share that could have major upside potential is Readytech. It is a leading provider of mission-critical software-as-a-service (SaaS) solutions for the education, workforce management, government and justice sectors. Thanks to strong demand in its defensive target markets, Readytech has continued to perform strongly in FY 2023. For example, during the first half, its revenue was up 34.1% to $47.9 million. Goldman Sachs expects this strong form to continue and is forecasting "mid-teens organic growth at an expanding profit margin through the cycle."
Goldman has a buy rating and a $4.25 price target on its shares. This suggests a potential upside of 30% for investors.
