If you're a growth investor on the lookout for some new portfolio additions, then it could be worth checking out the two ASX growth shares listed below.
Both are highly rated by analysts and tipped to rise strongly from current levels. Here's what you need to know about them:
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Clinuvel Pharmaceuticals Limited (ASX: CUV)
The team at Bell Potter is positive on this pharmaceutical company and appear to see it as an ASX growth share to buy this year.
The broker likes the company due to its Scenesse product, which has no competition in its target market at present. In addition, Bell Potter highlights that Clinuvel is looking to expand its use to treat other conditions. It explains:
Clinuvel's drug Scenesse is the only approved treatment globally for the rare disease erythropoietic protoporphyria (EPP). With no competing therapies expected to come to market for at least another ~3-4 years, Clinuvel will maintain its monopoly and sales growth should continue. Longer-term, CUV is undergoing Phase 3 clinical trials for expanding Scenesse approval into vitiligo, a far larger commercial opportunity compared to EPP. […] At current prices we view CUV as an attractive long-term healthcare pick due to its growing and profitable core business plus multiple long-term growth opportunities.
Bell Potter has a buy rating and a $24 price target on its shares.
TechnologyOne Ltd (ASX: TNE)
Goldman Sachs thinks that TechnologyOne could be an ASX growth share to buy right now.
Its analysts like the enterprise resource planning (ERP) software provider due to its defensive end-markets and expansion opportunity in the United Kingdom. In addition, the broker believes it is well-positioned to achieve its FY 2026 annual recurring revenue (ARR) target. It said:
In our view, the company is well placed to meet its A$500mn FY26 ARR target through a combination of SaaS flip uplift, net expansion and new customer growth. We see margin expansion resuming from FY24E onwards, which in combination with robust revenue growth should drive a mid-high teens EPS CAGR to FY26E, providing strong earnings visibility. […] With greater confidence in the medium term revenue/earnings outlook, we see TNE's growth-adjusted multiple discount vs peers as attractive and we believe the shares can outperform.
Goldman has a buy rating and an $18.05 price target on the TechnologyOne's shares.
