There are a good number of ASX growth shares to choose from on the Australian share market. But which ones could be buys this week?
Three growth shares that analysts are tipping as buys are named below. Here's what you need to know about them:
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Life360 Inc (ASX: 360)
The first ASX growth share that could be a buy is location technology company Life360.
Bell Potter is a fan of Life360 and was impressed with its recent update. The broker notes that "Life360 reported a 1H2023 result which beat both our revenue and adjusted EBITDA forecasts (US$138.9m and US$6.2m vs BPe $137.4m and US$2.3m)." Pleasingly, Bell Potter believes the company can continue its strong growth long into the future.
Bell Potter currently has a buy rating and $10.50 price target on Life360's shares.
Treasury Wine Estates Ltd (ASX: TWE)
Another ASX growth share that could be a buy is Treasury Wine. It is one of the world's largest wine companies and the owner of a collection of popular brands.
Goldman Sachs is a fan of the company and believes its shares are trading at an attractive level given its positive growth outlook. The broker highlights that "TWE is now re-entering a growth phase with a 12% EPS CAGR and PEG of <2x which is attractive vs the rest of our consumer coverage."
The broker has a buy rating and a $13.40 price target on Treasury Wine's shares.
Xero Limited (ASX: XRO)
A final ASX growth share that has been named as a buy is Xero. It is a cloud-based accounting and business services platform provider to small businesses.
The company currently has 3.7 million subscribers with an estimated lifetime value of NZ$13.4 billion. While this is a large number, it is well short of its addressable market. Management estimates this to be in the region of 45 million subscribers. This provides Xero with a significant long-term growth runway.
Citi has a buy rating and a $141.90 price target on its shares.
