With a new year on the horizon, now could be an opportune time to consider making some new additions to your portfolio.
To help you on your way, I've picked out five ASX shares which have been tipped as buys. They are as follows:
Altium Limited (ASX: ALU)
The first share to look at is Altium. It is an award-winning printed circuit board (PCB) design software provider. Over the last few years, Altium has earned itself a leading position in a growing electronic design market. But the company isn't settling for that. It is now aiming to dominate this market with its cloud-based Altium 365 product. Analysts at Credit Suisse are positive on its future and recently initiated coverage on Altium with an outperform rating and $42.00 price target.
Appen Ltd (ASX: APX)
Another share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). It does this for some of the biggest tech companies in the world such as Facebook and Microsoft. It also helped Apple with the development of its virtual assistant, Siri. Macquarie is positive on the company's growth prospects and has an outperform rating and $43.00 price target on its shares.
CSL Limited (ASX: CSL)
CSL is one of the world's leading biotechnology companies. It is made up of two businesses, CSL Behring and Seqirus. CSL Behring is the number one player in a global plasma therapies industry worth a massive US$30 billion per year. Whereas Seqirus is now the number two player in the US$6 billion global influenza vaccines industry. UBS is a fan of CSL and has a buy rating and $346.00 price target on its shares. It notes that product development has been a key driver of growth and appears confident this will continue in the future.
NEXTDC Ltd (ASX: NXT)
Another share to look at is NEXTDC. It is a leading data centre operator with operations across Australia. It has also recently opened up offices in Singapore and Tokyo, with a view to expanding into these markets. This could give its already impressive growth a lift, especially thanks to the increasing demand for its services due to the structural shift to the cloud. Goldman Sachs is very positive on its future and has a buy rating and $13.20 price target on its shares. The broker even suggested the NEXTDC share price could go to $20.00 based on high but not unrealistic assumptions.
Pushpay Holdings Group Ltd (ASX: PPH)
A final ASX share to look at is Pushpay. It is a donor management and community engagement platform provider with a focus on the faith sector. Pushpay has been a very strong performer this year and recently reported a 53% increase in half year operating revenue to US$85.6 million. This is still only scratching at the surface of management's medium to long term revenue target of US$1 billion. Analysts at Goldman Sachs are fans of the company. They have a conviction buy rating and ~$2.59 price target on its shares.
