Do you have space in your portfolio for some exciting ASX growth shares to buy and hold? If you do, 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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Web Travel Group Ltd (ASX: WEB)
The first ASX 200 growth share that could be a top buy and hold option is Web Travel Group. It is a business to business (B2B) travel company operating the WebBeds business.
Goldman Sachs is a big fan of the company and believes it is positioned for further solid growth in North America and the Asia Pacific region. It said:
WEB is the second largest Hotel Bed wholesaler globally with <10% of the global hotel wholesale market. We are Buy rated on WEB as we have confidence that WEB will be able to grow TTV in line with its FY25/30 targets of A$5bn/A$10bn respectively.
In particular, we believe WEB is well placed to continue to grow in key US/APAC growth markets, though expect revenue margin to lower towards ~6.3% over time as the company expands into lower margin US/APAC markets. WEB is trading below fair value, on our estimates.
Goldman Sachs currently has a buy rating and $7.00 price target on its shares.
Life360 Inc (ASX: 360)
Another ASX 200 growth share that could be a buy for investors is Life360. It is the location technology company behind the popular Life360 app. At the last count, there were approximately 70 million monthly active users across more than 150 countries using this app to keep their family safe.
Goldman Sachs is also very positive on the company and believes its revenue growth is only just getting stated. It explains:
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.
Goldman Sachs has a buy rating and $25.00 price target on Life360's shares.
Megaport Ltd (ASX: MP1)
A final ASX 200 growth share that could be a top buy and hold option according to analysts is Megaport. It is a leading global provider of elastic interconnection services.
Megaport has been growing at a strong rate in recent years thanks to the cloud computing and artificial intelligence boom. The good news is that the team at Morgans believes that there's more to come from Megaport in the coming years. It 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.
