Recent market volatility has been very disappointing, but every cloud has a silver lining.
On this occasion, the silver lining is that many ASX growth shares are trading at a deep discount to what investors were willing to pay in 2025.
With that in mind, here are three ASX growth shares that analysts believe are buys with significant upside potential. Let's see what they are recommending:
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Aristocrat Leisure Ltd (ASX: ALL)
Aristocrat Leisure could be an ASX growth share to buy according to analysts at Bell Potter.
It is a gaming technology company with a leadership position covering poker machines, real money gaming, and mobile games.
The broker likes Aristocrat due to its belief that "ALL's leading R&D investment will drive market share gains" over the medium term.
It recently put a buy rating and $80.00 price target on its shares. Based on its current share price, this implies potential upside of approximately 55% for investors.
NextDC Ltd (ASX: NXT)
The team at Morgans sees potential for NextDC shares to rise strongly from current levels.
It is one of the leading data centre-as-a-service providers in the Asia-Pacific region. From these centres, it delivers critical power, security, and connectivity for the global cloud platform, enterprise, and government markets.
Demand has been incredibly strong for capacity in its centres due to the shift to the cloud and the artificial intelligence boom. The good news is that Morgans thinks this trend can continue for some time to come.
The broker has a buy rating with a $19.00 price target. Based on its current share price, this implies potential upside of approximately 50% for investors between now and this time next year.
TechnologyOne Ltd (ASX: TNE)
A third ASX growth share that could deliver big returns for investors after recent market volatility is TechnologyOne.
It is a leader in the enterprise software space, providing mission-critical systems to governments, universities, and corporates.
The company's shift to a software-as-a-service model has been a huge success, locking in sticky recurring revenue and improving profitability and earnings visibility. It has also underpinned consistently strong revenue and earnings growth, and management believes it can continue. It has stated its ambition of doubling in size every five years, which bodes well for shareholder returns over the remainder of the 2020s.
In the meantime, the team at UBS is positive on the tech stock. It currently has a buy rating and $38.70 price target on its shares. Based on its current share price, this implies potential upside of 75% for investors over the next 12 months.
