5 stellar ASX growth shares to buy for strong returns

Analysts think growth investors should be snapping up these stocks when the market reopens.

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If you're a fan of ASX growth shares, then you will be pleased to know that analysts are predicting strong returns from the five listed below.

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

Lovisa Holdings Ltd (ASX: LOV)

The first ASX growth share to look at is Lovisa. It is a fashion jewellery retailer that is growing at a rapid rate thanks to its global expansion.

Bell Potter is very positive on this expansion. In fact, it believes Lovisa can grow its network by 10% per annum between FY 2023 and FY 2034. This is expected to underpin strong earnings growth over the next decade.

The broker has a buy rating and $36.00 price target on Lovisa's shares. This implies potential upside of 13% for investors.

NextDC Ltd (ASX: NXT)

Another ASX growth share that has been given the thumbs up by analysts is NextDC.

It is one of Asia's most innovative data centre-as-a-service providers. It is building the infrastructure platform for the digital economy, delivering the critical power, security and connectivity for global cloud computing providers.

Morgan Stanley is very positive on the company's outlook thanks to its belief that the data centre market will grow materially over the remainder of the decade.

The broker currently has an overweight rating and $20.00 price target on its shares. This suggests upside of 13.5% is possible over the next 12 months.

TechnologyOne Ltd (ASX: TNE)

Over at Goldman Sachs, its analysts think that enterprise software provider TechnologyOne could be ASX growth share to buy right now.

It likes the company due to its attractive valuation and positive growth outlook. The latter is being underpinned by its market leadership, defensive end markets, and mission-critical systems.

Goldman has a buy rating and $18.10 price target on Technology One's shares. This implies 14% upside from current levels.

Webjet Limited (ASX: WEB)

A fourth ASX growth share for investors to consider buying is online travel booking company Webjet.

Analysts at Morgans are bullish on the company. This is due partly to its key WebBeds B2B business and the "significant market share still up for grabs." The broker believes this leaves the company well-positioned for the future.

Morgans has an add rating and price target of $10.33 on Webjet's shares. This suggests potential upside of 24% for investors.

Xero Ltd (ASX: XRO)

A final ASX growth share for investors to look at is Xero.

It is a cloud accounting platform provider with an estimated global market opportunity of 100 million small to medium sized businesses.

It is thanks partly to this huge market opportunity that Goldman Sachs is very bullish on Xero's outlook and is tipping it as a buy. The broker has a buy rating and $156.00 price target on its shares. This implies potential upside of 29% from current levels.

Motley Fool contributor James Mickleboro has positions in Lovisa, Nextdc, Technology One, and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Lovisa, Technology One, and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended Lovisa and Technology One. 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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