If you're on the lookout for big returns in 2024, then look no further.
That's because the ASX 200 growth shares listed below have been named as buys and tipped to rise very strongly.
Here's what analysts are saying about these highly rated shares:
IDP Education Ltd (ASX: IEL)
The team at Bell Potter is feeling very bullish about IDP Education and see it as a top ASX 200 growth share to buy right now.
The broker likes the language testing and student placement company due to its dominant market position and successful track record with acquisitions.
Combined with structural growth tailwinds, the broker believes its shares deserve to trade on a premium valuation. The broker explains:
Whilst increased competition in English language testing is likely to impact IELTS volumes, we expect this to be partially offset by strength in the student placement segment supported by strong 1QFY24 student visa data in the Northern Hemisphere and structural growth tailwinds. In addition, the business has a solid dividend yield, relatively low working capital intensity, and has historically maintained strong cash conversion. IEL trades at a premium to its peers on a FY24e EV/EBIT of ~24x, however, we believe this is justified given its dominant market position, potential for M&A and successful track record.
Bell Potter has a buy rating and $27.00 price target on its shares. This implies almost 30% upside for investors.
Life360 Inc (ASX: 360)
Over at Goldman Sachs, its analysts see big returns ahead for this ASX 200 growth share.
The broker likes the location technology company due to its huge market opportunity and potential structural profitability tailwinds. It explains:
We estimate Life360 is exposed to a US$12bn global TAM with a large opportunity to expand its product suite, grow average revenue per paying circle (ARPPC), increase payer conversion, and lift penetration rates outside of the US. […] We see Life360 as reaching a volume/pricing inflection point, with potential structural profitability tailwinds on the horizon from a reduction in effective app store fees. Life360's Subscription business currently trades at a discount to global subscription app peers when adjusting for its superior growth outlook.
Goldman has a buy rating and $10.50 price target on its shares. This suggests potential upside of 55% from current levels.
