2 of the best growth-focused ASX shares to consider buying in May

Analysts have very good things to say about these growth stocks.

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If you have a penchant for ASX growth shares like I do, then you may want to check out the two stocks that are listed below.

That's because they have been named as top picks by brokers recently and could be well-positioned to deliver big returns for investors from current levels.

Here's what you need to know about these growth shares:

Pro Medicus Limited (ASX: PME)

The first ASX share that could be a great option for growth investors is Pro Medicus. It is a health imaging technology company that provides best in class radiology information systems (RIS), Picture Archiving and Communication Systems (PACS), and advanced visualisation solutions.

Goldman Sachs is feeling bullish about the company's long-term growth outlook. As a result, it recently put a buy rating and $134.00 price target on its shares. The broker commented:

We view PME as the clear incumbent technology leader in a growing market with a strong financial profile and significant AI upside. Our 12m target price of A$134.00 is derived from a 95x FY25E EV/Cash EBITDA multiple, based on a growth adjusted multiple of 3.1x, broadly in-line with primary peers, and M&A valuation derived from a peak NTM EV/Cash EBITDA multiple of 104x. We also see significant potential upside over the next decade, supported by AI monetisation, and our bull-case FY34E based valuation of A$173.00.

Treasury Wine Estates Ltd (ASX: TWE)

A second ASX growth share for investors to look at buying in May is Treasury Wine. It is the wine giant behind brands such as Penfolds, 19 Crimes, Wolf Blass, and Blossom Hill.

Morgans is a big fan of the company and has an add rating and $14.00 price target on its shares. The broker believes its recent blockbuster acquisition in the United States could be a huge boost if everything goes to plan. It said:

It may take some time for the market to digest TWE's acquisition of Paso Robles luxury wine business, DAOU Vineyards (DAOU) for US$900m (A$1.4bn) given it required a large capital raising. The acquisition is in line with TWE's premiumisation and growth strategy and will strengthen a key gap in Treasury Americas (TA) portfolio. Importantly, DAOU has generated solid earnings growth and is a high margin business. It consequently allowed TWE to upgrade its margins targets. While not without risk given the size of this transaction, if TWE delivers on its investment case, there is material upside to our valuation.

Motley Fool contributor James Mickleboro has positions in Pro Medicus and Treasury Wine Estates. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Pro Medicus. The Motley Fool Australia has recommended Pro Medicus and Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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