2 of the best ASX growth shares money can buy

Bell Potter rates these growth shares very highly. But why?

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Wanting to supercharge your portfolio with some ASX growth shares?

If you are, then it could be worth checking out the two listed below that Bell Potter rates very highly. So much so, it has named them as picks on its Australian equities panel this month.

Here's what the broker is saying about these shares:

Gentrack Group Ltd (ASX: GTK)

The first ASX growth share that is being tipped as a buy is Gentrack. It is a growing specialist software provider to energy utilities, water companies, and airports. The latter includes providing flight information display systems (FIDS) at airports such as Queenstown, Adelaide, and Sydney Airport.

Bell Potter likes the company's recurring revenue and sees growth opportunities in data management and modernised IT infrastructure. It said:

Gentrack provides billing products and Customer Relationship Management solutions to energy and water utilities and has robust growth prospects attributed to recurring revenue and one-off projects related to digital transformations. Specifically, the emergence of renewables and battery storage is increasing complexity in data management and contributing to the need for modernised IT infrastructure supporting earnings growth for GTK.

The broker has a buy rating and $11.50 price target on Gentrack's shares. Based on its current share price of $9.60, this implies potential upside of 20% for investors between now and this time next year.

Life360 Inc (ASX: 360)

Another ASX growth share that gets the thumbs up from the team at Bell Potter is Life360.

It is a rapidly growing family connection and safety company that aims to keep people close to the ones they love. Its category-leading mobile app provides users with location sharing, safe driver reports, and crash detection with emergency dispatch.

At the last count, the company had a whopping 76.9 million monthly active users (MAU) across more than 170 countries. From this, there were almost 2.2 million paying circles underpinning quarterly revenue of US$92.9 million. And with the company launching an advertising business to monetise its vast user base, Life360's strong growth is forecast to continue long into the future.

Commenting on the company, Bell Potter said:

Life360 operates a market-leading app that provides communication, driving safety, and location-sharing features. With over 70 million monthly active users and 2 million paying circles, the company has significant growth potential as it continues to rapidly monetise its customer base.

Bell Potter currently has a buy rating and $26.75 price target on its shares. Based on its current share price of $21.00, this implies potential upside of 27% for investors over the next 12 months.

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Gentrack Group and Life360. The Motley Fool Australia has positions in and has recommended Gentrack Group. 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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