Want some ASX growth shares to boost your returns? Well, the two listed below could be worth considering.
Both have been named as buys and have been tipped to rise 20% from current levels. Here's what analysts are saying about them:
Corporate Travel Management Ltd (ASX: CTD)
Corporate Travel Management could be an ASX growth share to buy this month. That's the view of analysts at Morgans, which rate the corporate travel specialist very highly.
The broker believes the company is in a strong position for growth after making big changes during the pandemic. It explains:
CTD should be a materially larger business post COVID given it has made two highly accretive acquisitions during the downturn. The company has also won a lot of new business, implemented structural cost-out opportunities and continued to develop its market-leading technology.
Morgans has an add rating and a $24 price target on its shares. This implies a 20% upside for investors.
TechnologyOne Ltd (ASX: TNE)
Another ASX growth share that could offer strong returns over the next 12 months is enterprise software provider TechnologyOne.
Goldman Sachs is a big fan of the company due to its belief that it is well-placed for growth. In fact, the broker feels that TechnologyOne can grow its profit before tax (PBT) at a strong rate through to at least FY 2025. It said:
We highlight the defensiveness of TNE's core end markets of Local Government (35% of 1H23 ARR) and Education (25%), and the public sector more broadly (>75%), with growing IT spending supported by revenue streams including council rates and government funding. We see TNE's +10-15% FY23E PBT growth guidance as conservative, and believe that TNE can grow PBT >15% p.a. across FY23-25E driven by its strong ARR outlook (+18% FY22-25E CAGR) and modest margin expansion (+220bps FY22-25E).
Goldman Sachs has a buy rating and a $18.30 price target on Technology One's shares. This implies a potential upside of 20% for investors.
