Analysts say these 3 ASX growth shares are top buys in October

Brokers are saying good things about these stocks. Let's see why they are bullish.

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

They have all recently been named as buys by brokers. Here's what you need to know about these top growth shares:

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Life360 Inc (ASX: 360)

Analysts at Goldman Sachs continue to see Life360 as an ASX growth share to buy.

It is the location technology company behind the hugely popular Life360 app. At the last count, there were approximately 70 million monthly active users (MAU) across more than 150 countries using this app to keep their family safe.

Goldman Sachs believes the company is well-placed to grow ahead of the market's expectations in the coming years. It notes that "Life360's ability to manage costs while driving strong revenue growth has surprised to the upside since pivoting to profitable growth in early 2023, and we sit well ahead of Visible Alpha Consensus Data EBITDA expectations (7-10%) across FY24-26E."

Earlier this week, Goldman put a buy rating and $21.85 price target on Life360's shares.

Light & Wonder Inc. (ASX: LNW)

Over at Bell Potter, its analysts believe that this leading global cross platform games company could be an ASX growth share to buy this month.

The broker believes that a sharp pullback has created a buying opportunity for investors. Its analysts note that "whilst the loss of future Dragon Train revenues is disappointing, our Buy thesis remains predicated on LNW's cross-platform strategy and leading scale producing a portfolio of high-performing games in both land-based and digital markets. As a result, we expect improvement in product quality to strengthen LNW's competitive advantage, supporting higher ROIC."

Bell Potter currently has a buy rating and $161.00 price target on the company's shares.

Megaport Ltd (ASX: MP1)

A third ASX growth share that has been given the thumbs up by brokers 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 and artificial intelligence boom.

Goldman Sachs is also very positive on Megaport. It notes that the company is "benefiting from increasingly complex cloud environment and connectivity demands, while its product-led growth remains robust, supporting its positive net revenue retention and revenue tailwinds over the medium term."

It is for this reason that the broker recently put a buy rating and $12.00 price target on its shares.

Motley Fool contributor James Mickleboro has positions in Life360 and Megaport. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Life360, Light & Wonder, and Megaport. The Motley Fool Australia has recommended Light & Wonder. 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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