Here are three buy-rated growth shares…
The post 3 top ASX growth shares rated as buys appeared first on The Motley Fool Australia. –
There are a lot of growth shares for investors to choose from on the Australian share market.
To narrow things down, I have picked out three ASX growth shares that are highly rated. Here’s what you need to know about them:
Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is Breville. The appliance manufacturer has been a very strong performer this year thanks to favourable tailwinds brought about by COVID-19. These include more cooking and working at home and a redirection in consumer spending. This led to Breville reporting a 28.8% increase in first half revenue to $711 million and a 29.2% increase in net profit after tax to $64.2 million. More of the same is expected in the second half, which should be boosted further by recent acquisitions and its ongoing international expansion.
UBS has a buy rating and $35.70 price target on its shares.
ELMO Software Ltd (ASX: ELO)
Another ASX growth share to look at is ELMO. It is a HR and payroll platform provider that continues to grow strongly even during the pandemic. ELMO’s platform allows businesses to simplify and streamline a wide range of tasks. It has also just launched a new Experiences module, which facilitates smooth, efficient employee journeys through key life cycle stages. Management expects this to broaden its convergent solution and strengthen its customer offering.
Morgan Stanley currently has an overweight rating and lofty $9.70 price target on ELMO’s shares.
IDP Education Ltd (ASX: IEL)
A final ASX growth share to look at is IDP Education. It is a provider of international student placement services and English language testing services. As you might expect, it was hit hard by the pandemic. Positively, IDP Education has been tipped to win market share and resume its rapid growth once the crisis passes and trading conditions return to normal. It will also be boosted by a major acquisition in India that makes it the dominant force in the key market.
Macquarie is bullish on IDP Education. Its analysts currently have an outperform rating and $32.60 price target on its shares.
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 May 24th 2021
Elmo (ASX:ELO) share price spikes on new ‘Experiences’
Here’s why the IDP Education (ASX:IEL) share price jumped 15% in July
2 buy-rated growth shares for ASX investors in August
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 Elmo Software and Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Elmo Software. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.