Here are three growth shares that could be going places…
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If you’re planning to add some growth shares to your portfolio this month, then you may want to look at the shares listed below.
All three of these ASX growth shares have been tipped as buys recently. Here’s what you need to know about them:
Afterpay Ltd (ASX: APT)
The first ASX growth share to look at is this buy now pay later (BNPL) focused payments company. Afterpay has been one of the quickest growth companies on the Australian share market in recent years and shows little sign of slowing in the near future. This is thanks to the increasing popularity of BNPL with consumers and merchants, the demise of credit cards, new product launches, and its global expansion.
Morgan Stanley is a fan of the company. It currently has an overweight rating and $145.00 price target on Afterpay’s shares.
Breville Group Ltd (ASX: BRG)
Another ASX growth share to look at is this leading appliance manufacturer. Breville has been growing at a strong rate over the last few years. This has been underpinned by a combination of acquisitions, its international expansion, and product development. The latter has filled Breville’s portfolio with strong, popular, and innovative products. The good news is that these same factors are expected to support further growth in the years to come, which should be supported by the work from home trend. With more people working from home, it is driving strong demand for appliances such as coffee machines.
UBS is positive that its growth can continue. As a result, it analysts currently have a buy rating and $35.70 price target on its shares.
PointsBet Holdings Ltd (ASX: PBH)
A final growth share to look at is PointsBet. It is a sports wagering operator and iGaming provider which has been growing at a rapid rate. This is being driven by the growing popularity of mobile sports betting and its expansion into the massive US market. The good news is that the latter is still only getting started, giving it a significant runway for growth over the next decade. Particularly given its strong market position and partnership with sports broadcaster NBC Universal.
Goldman Sachs is a big fan of PointsBet. Due to its huge opportunity in the United States, the broker is tipping the company to grow very strongly during the 2020s. Goldman has a buy rating and $17.20 price target on its shares.
Should you invest $1,000 in PointsBet right now?
Before you consider PointsBet, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and PointsBet wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of May 24th 2021
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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 shares of and has recommended AFTERPAY T FPO and Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.