If you are looking for ASX shares to buy and hold for the long term then it could be worth considering the two in this article.
Not only do they have strong long-term growth outlooks, but they were recently recommended as buys by analysts with major upside potential.
Here are the two ASX shares that they are recommending to clients:
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Light & Wonder Inc (ASX: LNW)
Light & Wonder is an ASX share with momentum building beneath the surface.
The company operates across gaming content, gaming machines, systems, and digital gaming. Its strength lies in creating content that can be used across multiple channels and markets.
This matters because gaming technology is increasingly about content depth and distribution. A successful game can generate value across land-based casinos, online platforms, and social gaming channels.
Light & Wonder has been reshaping its business in recent years, with a stronger focus on recurring revenue and higher-quality earnings.
The company also has scale in a global industry where content, relationships, and regulatory approvals matter.
If Light & Wonder keeps improving its execution and expanding digital revenue, it could continue to build value over the long term.
Earlier this month, Macquarie put an outperform rating and $200.00 price target on the company's shares. Based on its current share price, this implies potential upside of approximately 75%.
Netwealth Group Ltd (ASX: NWL)
Netwealth Group is benefiting from a major shift in Australia's wealth management industry.
The company operates a platform used by financial advisers to manage client portfolios, reporting, administration, and investment access.
Its growth is being supported by advisers moving away from older legacy platforms toward more modern technology. This migration has been playing out for years, and Netwealth has been one of the winners.
A key part of the appeal is operating leverage. As more funds move onto the platform, revenue can grow faster than costs if the business continues to scale efficiently.
Australia's superannuation and investment markets remain large, and advisers still need better tools to manage increasingly complex client needs.
With funds under administration continuing to shift toward independent platforms, Netwealth remains well placed to benefit from this structural change.
This month, Morgan Stanley put an overweight rating and $33.00 price target on Netwealth's shares. Based on its current share price, this suggests that upside of approximately 50% over the next 12 months.
