If you have space in your portfolio for some new ASX 200 growth stocks in January, 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)
Goldman Sachs thinks that Life360 could be an ASX 200 growth stock to buy in January.
It is the location technology company behind the eponymous Life360 app. At the last count, there were over 70 million monthly active users (MAU) across more than 150 countries using this app to keep their family safe.
But if you thought its growth was close to peaking, think again. Goldman Sachs said:
We believe Life360 remains in the early stages of its multi-year revenue growth opportunity, with subscription growth momentum continuing at scale in the US and internationally, as well as a new high-margin revenue stream in advertising.
The broker currently has a buy rating and $25.00 price target on Life360's shares.
Lovisa Holdings Ltd (ASX: LOV)
Another ASX 200 growth stock that could be a buy according to analysts is Lovisa.
It describes itself as a fashion-forward jewellery brand that caters to everyone, with 150 new styles being delivered to stores each week.
Morgans is very positive on the company and believes it is well-positioned for growth in the coming years. It recently said:
There are not many global retailers achieving 17% sales growth and 21% EBIT growth in the current challenging consumer environment, but this is exactly what Lovisa did in FY24. A long period of stellar growth has trained investors to have very high expectations for the business and, while its comparable store sales growth should have been better in FY24, it has continued to deliver and will, in our opinion, continue to do so in the years ahead.
Morgans has an add rating and $36.00 price target on its shares.
Megaport Ltd (ASX: MP1)
A third ASX 200 growth stock that could be a buy in January is Megaport.
It is a 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 megatrends.
Morgans believes this strong form can continue long into the future thanks to these megatrends. Its analysts said:
Megaport is a global cloud connection network and the leading Network as a Service provider. It operates the largest data centre connection business in the world, connecting to 850 data centres through a fully automated, on-demand telco network. We think it is uniquely placed to help business move data globally and benefit from the growth of data related to both cloud computing and AI.
The broker has an add rating and $12.50 price target on its shares.
