One of the best ways to grow wealth is to make long term investments in quality ASX growth shares.
But which shares could be top picks for investors with a long-term mindset?
Let's take a closer look at three growth shares that analysts are bullish on this month. They are as follows:
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ResMed Inc. (ASX: RMD)
The first ASX growth share to buy and hold could be ResMed. It is the medical device company dominating the market for sleep apnoea devices and masks. With over a billion people worldwide estimated to be suffering from sleep and respiratory conditions, the company has an enormous addressable market.
Macquarie is bullish on ResMed and has an outperform rating and $49.20 price target on its shares. It said: "Maintain Outperform as we expect solid EPS growth over the forecast period and a favourable balance sheet position. RMD remains our preferred sector exposure."
TechnologyOne Ltd (ASX: TNE)
Another ASX growth share that could be a top buy and hold option is TechnologyOne.
It is a standout performer in the enterprise software space, providing mission-critical systems to governments, universities, and corporates. Its shift to a software-as-a-service model has been a huge success, locking in sticky recurring revenue and improving profitability.
The company has a long history of consistent earnings growth, making it one of the ASX's most reliable growth names. As it expands further in international markets, TechnologyOne's addressable market will only get larger. This bodes well for the future.
The team at UBS is positive on the tech stock. It has a buy rating and $44.50 price target on its shares.
WiseTech Global Ltd (ASX: WTC)
Finally, WiseTech is a third ASX growth share that could be destined for big things over the long term.
It is a global leader in logistics software, with its CargoWise platform now used by freight forwarders and transport companies across the world. Its competitive edge comes from the depth and complexity of its product, making it very hard for customers to switch once embedded.
The company continues to deliver strong earnings growth, backed by recurring subscription revenues and margin expansion. With global trade volumes still rising and supply chains becoming more complex, WiseTech is well placed to compound growth for many years to come.
Morgans is positive on the company and has a buy rating and $127.60 price target on its shares. This is significantly higher than where its shares currently trade.
