Big returns are expected from these ASX growth shares

Analysts believe these growth stocks could rise 20% or more from current levels.

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Are you looking for some big returns for your portfolio? If you are, then take a look at the two ASX growth shares listed below.

They have been named as buys and tipped to rise materially over the next 12 months. Here's what you need to know:

Corporate Travel Management Ltd (ASX: CTD)

The first ASX growth share that could be a buy is Corporate Travel Management.

It is a corporate travel management and technology company that has grown at an explosive rate over the last decade. A driver of this has been its increasingly popular SMART technology.

It is partly because of this that Morgans is so bullish on the company's outlook. It highlights that Corporate Travel Management "has continued to develop its market leading technology offering which means that it will require less staff in the future."

The broker remains confident that more strong growth is coming. As a result, the company "remains as a key pick for the travel sector."

Morgans has an add rating and a $23.20 price target on its shares. Based on the current share price of $16.92, this implies a potential upside of 37% for investors over the next 12 months.

TechnologyOne Ltd (ASX: TNE)

Goldman Sachs thinks that TechnologyOne could be an ASX growth share to buy right now. It provides a global software-as-a-solution (SaaS) enterprise resource planning solution that transforms business and makes life simple for users.

The broker is feeling particularly bullish on the company in the current environment. This is due to its defensive end markets and positive growth outlook.

Goldman's analysts "believe that TNE can grow PBT [profit before tax] >15% p.a. across FY23-25E driven by its strong ARR outlook (+18% FY22-25E CAGR) and modest margin expansion (+220bps FY22-25E)."

In light of this, it has a buy rating and a $18.30 price target on Technology One's shares. This implies a potential upside of 20% for investors over the next 12 months.

Motley Fool contributor James Mickleboro 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 Corporate Travel Management, Goldman Sachs Group, and Technology One. The Motley Fool Australia has recommended Corporate Travel Management and Technology One. 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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