Kogan.com Ltd (ASX: KGN) and these ASX growth shares could be quality options right now. Here’s why growth investors might like them…
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Looking for a growth share or two to buy this week? Then you might want to consider one of the ASX shares listed below.
Here’s why these might be among the best growth shares to buy right now:
Altium Limited (ASX: ALU)
The first ASX growth share to look at is Altium. It is an award-winning printed circuit board (PCB) design software provider. It appears well-positioned for growth over the long term due to its leading position in a market exposed to the Internet of Things and artificial intelligence booms. The proliferation of electronic devices is expected to lead to increasing demand for its software over the next decade.
One leading broker that is positive on the company is UBS. It currently has a buy rating and $34.00 price target on its shares.
IDP Education Ltd (ASX: IEL)
Another ASX growth share to buy is IDP Education. It is a provider of international student placement services and English language testing services. It was unsurprisingly hit hard by the pandemic but is recovery strongly. The company revealed that testing volumes reached pre-pandemic levels towards the end of the first half. Looking ahead, IDP Education has been tipped to win market share and resume its rapid growth once the crisis passes and trading conditions return to normal.
Morgan Stanley is positive on IDP Education’s long term outlook. As a result, the broker has an overweight rating and $30.00 price target on its shares.
Kogan.com Ltd (ASX: KGN)
A final ASX growth share to buy is Kogan. It is a rapidly growing ecommerce company which has been benefitting greatly from the shift to online shopping. Pleasingly, this trend is expected to continue over the long term, which should support its growth. In addition to this, Kogan has bolstered its growth potential through value accretive acquisitions. This includes the significant acquisition of online retailer Mighty Ape for $122 million.
Credit Suisse is a big fan of Kogan. Last month its analysts put an outperform rating and $21.08 price target on the company’s shares.
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*Returns as of February 15th 2021
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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 Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd and Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.