3 of the best ASX growth shares to buy now

Analysts see plenty of upside for these buy-rated shares.

| More on:
A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The great news for Aussie growth investors is that there are plenty of quality options to choose from on the local share market.

But which ASX growth shares could be best buys next week?

Let's take a look at three growth shares that brokers rate very highly:

IDP Education Ltd (ASX: IEL)

This language testing and student placement company's shares could be an ASX growth share to buy now.

That's the view of analysts at Goldman Sachs, which believe the company is well-placed for long-term growth thanks to structural tailwinds and its dominant market position.

The broker recently responded to its half-year results by retaining its buy rating with a $26.60 price target. This would mean upside of almost 44% for investors if Goldman is on the money with its recommendation.

Megaport Ltd (ASX: MP1)

Analysts at Macquarie think this leading global provider of elastic interconnection services could be an ASX growth share to buy.

The broker appears to believe the stars are now aligning for the company and that it is destined to deliver explosive earnings growth over the coming years.

In response to its half-year results last month, Macquarie retained its outperform rating on Megaport's shares with an improved price target of $18.00. This suggests potential upside of 25% for investors.

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.

Although its shares have been on fire so far this year, the team at Citi doesn't believe it is too late to invest.

In fact, the broker sees potential for market-beating returns from its shares from current levels. It has a buy rating and $159.00 price target on them. This implies potential upside of 17% for investors from current levels.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Idp Education, Macquarie Group, Megaport, and Xero. The Motley Fool Australia has positions in and has recommended Macquarie Group and Xero. The Motley Fool Australia has recommended Idp Education and Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Growth Shares

A young woman holds her hand to her mouth in surprise as she reads something on her laptop.
Growth Shares

These mid-cap ASX shares could rise 20% to 50%

Goldman Sachs is tipping these stocks as buys.

Read more »

A happy boy with his dad dabs like a hero while his father checks his phone.
Growth Shares

2 ASX growth shares that could turn $1,000 into $10,000 by 2034

I think these two stocks have a shot at being 10-baggers.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Growth Shares

These top ASX 200 growth shares can rise 10% to 50%

Analysts see major upside ahead for these buy-rated shares.

Read more »

A young man wearing glasses writes down his stock picks in his living room.
Growth Shares

I think this ASX growth stock has market-beating potential

I'm betting that this investment will crush the ASX over the next few years.

Read more »

A woman shows her phone screen and points up.
Growth Shares

1 ASX 200 stock I'm buying hand over fist despite the market's pessimism

I’ve been building up my position in this compelling stock.

Read more »

A man looking at his laptop and thinking.
Growth Shares

3 beaten down ASX growth shares that could be dirt cheap

Analysts think these shares are too cheap to ignore.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Growth Shares

3 roaring ASX shares to hold for the next 20 years

Analysts at Macquarie believe these market-beaters can continue to deliver.

Read more »

Happy woman on her phone while her electric vehicle charges.
Growth Shares

3 ASX growth shares to supercharge your investment portfolio returns

Analysts have good things to say about these top stocks.

Read more »