Brokers name 5 fantastic ASX growth shares to buy in June

Looking for growth? Check out these stocks that analysts are bullish on.

| More on:
A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.

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

If you have space in your portfolio for some new ASX growth stocks in June, then it could be worth checking out the five listed below.

They have all recently been named as buys by brokers and tipped to rise meaningfully from current levels.

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

Flight Centre Travel Group Ltd (ASX: FLT)

The first ASX growth stock that could be a buy in June is travel agent giant Flight Centre. Analysts at Morgans are very positive on the company and believe its transformed business model means it is "well placed over coming years."

The broker currently has an add rating and a $27.27 price target on its shares.

IDP Education Ltd (ASX: IEL)

Goldman Sachs thinks this beaten down language testing and student placement company's shares are dirt cheap at current levels. While the broker acknowledges that it is facing short term headwinds, it remains very positive on its long term growth. This is thanks to structural tailwinds and its dominant market position.

Goldman has a buy rating and a $25.30 price target on its shares.

Life360 Inc (ASX: 360)

Bell Potter thinks this rapidly growing location technology company is an ASX growth stock to buy. Its analysts believe that Life360 has the "potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents." The broker also sees scope for a "re-rating of the stock given the higher multiples of comps."

It has a buy rating and a $17.75 price target on Life360's shares.

Lovisa Holdings Ltd (ASX: LOV)

Bell Potter is also very bullish on fashion jewellery retailer Lovisa and sees it as a top ASX growth stock to buy.

Its analysts believe that Lovisa can grow its network by 10% per annum between FY 2023 and FY 2034. This is expected to drive strong sales and earnings growth over the next decade.

Bell Potter currently has a buy rating and a $36.00 price target on its shares.

TechnologyOne Ltd (ASX: TNE)

Finally, Goldman Sachs is also a fan of this enterprise software provider and sees it as an ASX growth stock to buy. Its analysts highlight that they "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."

The broker has a buy rating and a $18.85 price target on Technology One's shares.

Motley Fool contributor James Mickleboro has positions in Life360, Lovisa, and Technology One. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Idp Education, Life360, Lovisa, and Technology One. The Motley Fool Australia has recommended Flight Centre Travel Group, 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.

More on Growth Shares

Man waiting for his flight and looking at his phone.
Growth Shares

Near its 52-week low, this ASX growth stock could be the bargain of the year!

I think this stock could be a leading opportunity.

Read more »

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Growth Shares

2 top ASX growth shares to buy today and hold for 10 years

Analysts are very bullish on the outlooks of these buy-rated shares.

Read more »

Person handing out $100 notes, symbolising ex-dividend date.
Growth Shares

What are the best ASX shares to buy with $500 in 2024?

Analysts are bullish on these shares for good reason. Let's find out why.

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Growth Shares

5 top ASX growth shares to buy in June

Analysts think growth investors should be snapping up these stocks while they can.

Read more »

A man holding a packaging box with a recycle symbol on it gives the thumbs up.
Industrials Shares

This ASX growth stock just leapt 6% on international expansion plans

The ASX growth stock is shrugging off the broader market malaise on Monday.

Read more »

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

1 ASX share on the cusp of profitability

This growth stock is rocketing towards positive financials.

Read more »

happy investor, share price rise, increase, up
Growth Shares

Analysts say these 5 ASX 200 growth shares are top buys

These stocks could be great options for growth investors this month.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why the DroneShield share price is up 35% in a month

The DroneShield share price has been skyrocketing recently. Could it go even higher?

Read more »