If you have space in your portfolio for some new ASX growth shares this month, 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:
Image source: Getty Images
Life360 Inc (ASX: 360)
Analysts at Bell Potter see this location technology company as an ASX growth share to buy. The broker is positive on Life360 due to its belief that it has the "potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents."
It has a buy rating and $17.75 price target on Life360's shares. This implies potential upside of 11% for investors from current levels.
Lovisa Holdings Ltd (ASX: LOV)
Bell Potter is also feeling very bullish about fashion jewellery retailer Lovisa. The broker believes this ASX growth share is well-positioned thanks to its ongoing global expansion. In fact, the broker believes Lovisa can grow its already sizeable network by 10% per annum between FY 2023 and FY 2034. If it delivers on this, it will underpin strong sales and earnings growth over the next decade.
Bell Potter currently has a buy rating and $36.00 price target on its shares. This suggests that upside of 12.5% is possible over the next 12 months.
Megaport Ltd (ASX: MP1)
Another ASX growth share that could give your portfolio a boost is Megaport. It is a leading global provider of elastic interconnection services, which has been growing at a rapid rate in recent years thanks to the cloud computing boom.
Citi is very positive on the company's outlook due to the accelerating cloud growth and migration trends. It has a buy rating and $16.05 price target on Megaport's shares, which implies potential upside of over 40% for investors.
Webjet Limited (ASX: WEB)
Morgans thinks that online travel booking company Webjet could be an ASX growth share to buy. It was impressed with its FY 2024 results and believes there's more to come from the key WebBeds business. In addition, it highlights that a potential demerger of this side of the business could unlock value for shareholders.
Morgans has an add rating and $11.20 price target on Webjet's shares. This suggests upside of almost 25% for investors.
WiseTech Global Ltd (ASX: WTC)
Finally, analysts at UBS believe that WiseTech Global could be an ASX growth share to buy this month. The broker suspects that the company could deliver earnings well ahead of consensus expectations in the near term. In addition, it is very positive on WiseTech Global's long term outlook thanks to its huge addressable market.
UBS has a buy rating and $112.00 price target on its shares. This implies potential upside of 15% for investors.
