If you have room in your portfolio for some ASX growth shares, then it could be worth checking out the three listed below.
They have all been named as buys and tipped to rise strongly from current levels. Here's what you need to know:
Lovisa Holdings Ltd (ASX: LOV)
Lovisa could be an ASX growth share to buy according to Morgans. Its analysts are very bullish on the fashion jewellery retailer due partly to its bold store expansion plans. The broker highlights that "plans to enter mainland China in FY24" are "paving the way for significant longer-term growth."
Morgans currently has an add rating and a $27.50 price target on the company's shares. This implies a potential upside of 44% for investors over the next 12 months.
Objective Corporation Limited (ASX: OCL)
Another ASX growth share that could rise strongly from current levels is Objective Corp. It is a software company that provides content, collaboration, and process management solutions to the public sector.
Goldman Sachs is positive on the company and believes it can deliver strong earnings growth thanks to demand in a defensive sector. Its analysts expect earnings per share growth above 20% in both FY 2024 and FY 2025.
The broker has a buy rating and a $14.55 price target on Objective Corp's shares. This suggests a 26% upside from current levels.
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.
Its shares have recently pulled back following the release of a mixed half-year update. While this is disappointing, the team at Citi believe investors should be taking advantage by investing. It continues to forecast explosive earnings growth through to at least FY 2026.
Citi has a buy rating and a $129.40 price target on its shares, which implies a 29% upside over the next 12 months.