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2 exciting mid cap ASX shares to buy

Here’s why Nearmap Ltd (ASX:NEA) and this exciting ASX mid cap share have been named as buys…
The post 2 exciting mid cap ASX shares to buy appeared first on Motley Fool Australia. –

Earlier this week I looked at a couple of small cap ASX shares that have been rated as ones to buy.

But due to the risk that small caps carry, not everyone is comfortable investing at that side of the market.

With that in mind, today I am moving a little further down the risk scale to mid cap shares.

Two mid cap ASX shares that are highly rated are listed below. Here’s what you need to know about them:

Megaport Ltd (ASX: MP1)

Megaport is a provider of elastic interconnection services across data centres globally. Its clever service allows its users to increase and decrease their available bandwidth in response to their own demand requirements. This is proving to be an increasingly popular alternative to being tied to fixed service levels on long-term and expensive contracts. So much so, in FY 2020 Megaport reported a 57% increase in monthly recurring revenue (MRR) to $5.7 million.

Analysts at UBS have been encouraged by its new ports growth in FY 2021. They believe this is a sign that its growth is back on track and continue to expect Megaport to benefit from a structural shift to the cloud. In light of this, last month they upgraded its shares to a buy rating with a $16.45 price target.

Nearmap Ltd (ASX: NEA)

Nearmap is a $1.1 billion aerial imagery technology and location data company. Its leading products give businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. This means users can undertake virtual site visits from across the country, which enables informed decisions, streamlined operations, and meaningful cost savings. Nearmap has recently bolstered its offering with the launch of new products. This includes an artificial intelligence product which could be a game-changer in the industry.

While FY 2020 was a mixed year for Nearmap, analysts at Morgan Stanley expect better in FY 2021. As a result, earlier this month the broker put an overweight rating and $3.10 price target on Nearmap’s shares.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended MEGAPORT FPO and Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 2 exciting mid cap ASX shares to buy appeared first on Motley Fool Australia.

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