Investors searching for ASX growth shares often look for the same ingredients: market leadership, a strong competitive moat, and a share price that doesn't fully reflect future potential.
Telix Pharmaceuticals Ltd (ASX: TLX) and Catapult Sports Ltd (ASX: CAT) fit that description.
Both companies have faced significant share price pressure over the past year. Telix shares are up 26% year to date but remain down 43% over 12 months. Catapult has fared even worse, falling 28% in 2026 and 47% over the past year.
Despite those declines, analysts see substantial upside ahead for the ASX shares. Here's why.
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Telix Pharmaceuticals
Telix develops radiopharmaceutical products used to diagnose and treat cancer. Its flagship products target some of the largest oncology markets globally, giving the company exposure to a rapidly growing area of healthcare.
One of Telix's biggest strengths is its moat. Developing radiopharmaceuticals requires specialised expertise, manufacturing capabilities, regulatory approvals, and distribution networks that are difficult and expensive to replicate. Those barriers help protect established players such as Telix.
After a difficult period, the ASX growth share appears to have found its groove since February. The rebound began when the company confirmed it had filed for a key regulatory approval in Europe.
Momentum continued into April. Telix announced that the US Food and Drug Administration had accepted its New Drug Application for TLX101-Px (Pixclara®), an important milestone for the business. It also revealed a major collaboration with US biotechnology giant Regeneron Pharmaceuticals, further strengthening confidence in its long-term prospects.
Analysts remain highly optimistic. TradingView data shows the majority of brokers rate the $5 billion ASX growth share as a strong buy. The most bullish price target sits at $31.64 per share, implying upside of approximately 123% from current levels.
Morgans is also positive on the stock, with a $24.33 price target, which suggests a 71% upside. The broker recently noted that increasing consolidation across the healthcare sector could generate additional interest in Telix shares.
Catapult Sports
Catapult develops athlete performance and analytics technology used by professional sporting teams around the world.
Its solutions help coaches and performance staff monitor player workloads, reduce injury risks, analyse performance, and improve decision-making. The technology is widely used across major sporting organisations, including teams in the AFL, NRL, Premier League, NFL, NBA, MLB, and international rugby competitions.
That extensive customer base gives Catapult a significant competitive advantage. Once teams integrate the company's hardware, software, and performance data into their operations, switching providers becomes difficult. This creates sticky customer relationships and recurring revenue streams.
Despite these strengths, investors have remained cautious, helping drive the share price of the ASX growth share sharply lower over the past year.
Analysts, however, remain overwhelmingly bullish. TradingView data shows every analyst covering Catapult currently rates it as either a buy or strong buy. The average price target stands at $5.72, implying upside of approximately 94% from current levels. The most optimistic forecast suggests the ASX growth stock could rise by as much as 175% over the next year.
Morgans has a buy rating and a $5.40 target price. Based on the current share price of $2.95, that points to potential gains of roughly 83%.
