Are you on the lookout for ASX growth shares to buy in 2024?
If you are, then you may want to check out the three listed below that have been given the thumbs up by analysts.
Here's what you need to know about them:
Altium Limited (ASX: ALU)
Altium could be an ASX growth share to buy. It is an award-winning printed circuit board (PCB) design software provider that has been growing at a strong rate over the last few years. The good news is that this strong form could continue over the next decade thanks to increasing demand for its innovative and industry-leading PCB software. This is due largely to its exposure to the Internet of Things (IoT) and AI booms.
Macquarie is bullish and has an outperform rating and a $49.70 price target on its shares.
NEXTDC Ltd (ASX: NXT)
Another top option for growth investors to consider is data centre-as-a-service provider, NEXTDC. It has been experiencing increasing demand for its centres in recent years thanks to the rise of cloud computing. So much so, that the company's customer numbers have grown at a compound annual growth rate (CAGR) of 14% over the last five years. Importantly, at the same time, its customers are using more and more services. Over the same period, its interconnections have grown at a CAGR of 15%. This has helped drive revenue and EBITDA growth rates of 20% and 21%, respectively. And given that the shift to the cloud is continuing, NEXTDC appears well-positioned to continue delivering strong earnings growth for a long time to come.
Goldman Sachs expects that to be the case. It is for this reason that the broker has a buy rating and a $15.80 price target on its shares.
ResMed Inc. (ASX: RMD)
A third ASX growth share that could be a buy is medical device company ResMed. It has been tipped to grow strongly over the next decade thanks to its leadership position in a growing sleep treatment market. ResMed's masks and software-as-a-service solution are among the best on the market and are expected to benefit from increasing demand in the coming years as more people are diagnosed with sleep disorders. Management estimates that there could be upwards of 1 in 7 people impacted by sleep apnoea, with the vast majority of these sufferers undiagnosed.
Goldman also rates ResMed as a buy with a $32 price target.
