3 ASX growth shares could be strong buys

These growth shares could be in the buy zone…
The post 3 ASX growth shares could be strong buys appeared first on The Motley Fool Australia. –

If you’re a fan of growth shares then you’ll be pleased to know there are plenty of quality options to choose from on the Australian share market.

Three high quality options that have recently been given buy ratings are listed below. Here’s why these ASX growth shares are rated highly right now:

Adore Beauty Group Limited (ASX: ABY)

Adore Beauty could be an ASX growth share to buy. It is a leading online retailer in the $11.2 billion Australian beauty and personal care market. Adore Beauty has been growing strongly over the last few years thanks to its highly successful business model. Its integrated model combines online retail with education and entertainment, making its website a destination for consumers even when they’re not purchasing items. During the first quarter of FY 2022, Adore Beauty reported revenue of $63.8 million, up 25% on the prior corresponding period. This is still only a small slice of its addressable market. UBS is positive on Adore Beauty. It currently has a buy rating and $6.00 price target.

PointsBet Holdings Ltd (ASX: PBH)

PointsBet is another ASX growth share to look closely at. It is a sports betting operator and iGaming provider offering innovative sports and racing betting products and services via a scalable cloud-based platform. PointsBet has been growing at a rapid rate over the last few years thanks to its growing customer base in both the ANZ and US markets. Looking ahead, the team at Goldman Sachs expect this positive form to continue and is forecasting very strong growth over the coming years as its US expansion continues. This will be supported by its game-changing deal with leading US sports broadcaster NBCUniversal. Goldman currently has a buy rating and $12.79 price target on the company’s shares.

Xero Limited (ASX: XRO)

A final ASX growth share to look at is Xero. It is a provider of a cloud-based business and accounting solution to small and medium sized businesses. Like the others, Xero has been growing strongly over the last few years and looks well-positioned to continue the trend in the years to come. This is thanks to its international expansion, acquisitions, the transition to the cloud, and its app ecosystem. The latter has significant monetisation potential. Goldman Sachs is also very positive on Xero and believes it is capable of delivering strong revenue growth over multiple decades. Goldman has a buy rating and $158.00 price target on its shares.

The post 3 ASX growth shares could be strong buys appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

2 ASX 50 shares to buy in 2022

Xero (ASX:XRO) share price dips amid acquisition news

Are these 2 strong ASX 200 shares buys?

These 5 ASX shares grew revenue by more than 70% in the last year

2 leading ASX growth shares for 2022

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Pointsbet Holdings Ltd and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia owns and has recommended Xero. The Motley Fool Australia has recommended Adore Beauty Group Limited and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!