Do you want to buy some ASX growth shares for your portfolio? If you do, then it could be worth checking out the three named below that analysts are bullish on.
Here's what they are recommending to clients:
Image source: Getty Images
Life360 Inc. (ASX: 360)
One company that continues to build momentum is Life360. It is best known for its family safety app, which allows users to track the location of loved ones and receive alerts related to driving behaviour, emergencies, and device safety.
While the app originally focused on location sharing, Life360 has gradually expanded its platform to include a range of subscription services such as roadside assistance, identity protection, and emergency response features.
The strength of the business lies in its growing global user base. Millions of families now rely on the platform daily, which gives the company opportunities to increase monetisation through premium subscriptions and additional services.
With the business moving toward stronger profitability and expanding its product ecosystem, Life360 has the potential to continue growing strongly over time.
This week, Bell Potter put a buy rating and $40.00 price target on its shares. This implies potential upside of 85% for investors over the next 12 months.
Pro Medicus Ltd (ASX: PME)
Another ASX growth share worth watching is Pro Medicus.
The healthcare technology company develops advanced medical imaging software used by hospitals and radiology groups around the world.
Its Visage platform allows radiologists to view complex scans quickly and efficiently, which improves productivity and patient outcomes.
What makes Pro Medicus particularly interesting is its success in winning long-term contracts with large hospital networks in the United States. These deals often run for several years and can generate significant recurring revenue.
As global demand for medical imaging continues to grow, Pro Medicus appears well placed to keep expanding its footprint internationally.
Morgans has a buy rating and $275.00 price target on its shares. This suggests that its shares could rise 125% between now and this time next year.
REA Group Ltd (ASX: REA)
A final ASX growth share that continues to impress is REA Group.
REA operates realestate.com.au, the dominant online property marketplace in Australia. The platform has become the go-to destination for Australians searching for homes, rental properties, and real estate data.
Its strong market position allows the company to charge real estate agents premium prices for listings and advertising products. This has helped REA deliver consistently strong earnings growth over many years.
Beyond Australia, the company also has investments in international property portals, which provide additional growth opportunities.
With Australia's property market remaining highly active and digital advertising continuing to evolve, REA Group still appears well positioned for long-term expansion.
UBS has a buy rating and $218.90 price target on REA Group's shares. This implies potential upside of over 30% for investors over the next 12 months.
