It's been an extraordinary month for two of the best-performing ASX growth shares.
Shares in Pro Medicus Ltd (ASX: PME) have surged around 48%, while Megaport Ltd (ASX: MP1) has rallied approximately 44%.
After such explosive gains, investors might be wondering whether there's any upside left.
Here's what continues to drive both companies.
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Pro Medicus: significant AI cardiology deal
Pro Medicus develops imaging software used by hospitals and healthcare providers to store, view, and analyse medical scans. Its flagship Visage platform has become a global leader in enterprise imaging, particularly across the US.
While the price of the ASX growth share has rebounded sharply over the past month, it's still down around 29% over the past year.
Importantly, the underlying business never really missed a beat. Pro Medicus continues to generate some of the highest operating profit (EBIT) margins on the ASX. That means much of every new dollar of revenue flows straight through to earnings, giving the company significant flexibility to invest, grow dividends, or strengthen its balance sheet.
Contract wins also continue to pile up. The company has consistently secured new hospital customers while renewing existing agreements, providing strong visibility over future revenue.
Management is also looking beyond radiology. Recently, Pro Medicus announced it is exploring a partnership with EchoIQ Ltd (ASX: EIQ) to bring AI-powered cardiovascular diagnostic technology to its customers. If successful, cardiology could become another significant growth avenue.
Analysts remain overwhelmingly positive. According to CMC Invest, nine of the 10 analysts covering the stock currently rate it a buy, with the remaining analyst recommending a hold.
The average price target sits at $203.15, implying modest upside of around 3%. However, the most bullish analyst believes the shares could climb to $245.13, representing upside of approximately 24%.
Megaport: AI-related contract wins
The rally of this $5 billion ASX growth share has been even more remarkable. The network connectivity specialist is up around 44% over the past month, 79% year to date, and more than 220% from its three-year low reached earlier this year.
The latest surge has been driven by a combination of improving fundamentals and growing investor enthusiasm for artificial intelligence infrastructure.
One major catalyst has been a series of reported AI-related contract wins worth approximately US$275 million, strengthening confidence in Megaport's long-term growth pipeline.
Recurring revenue also continues to impress. At its first-half FY26 result, the company reported annualised recurring revenue of $338 million, up an impressive 49% from a year earlier. That level of recurring growth provides investors with increasing confidence in future earnings.
Broker views, however, are becoming more divided. Macquarie Group Ltd (ASX: MQG) remains one of the biggest supporters of the stock, maintaining its buy rating and $27.80 price target. That implies around 37% upside from current levels.
By contrast, Morgans recently downgraded the shares from buy to accumulate following the sharp rally. Its $21 target suggests only limited gains from here.
