Looking to add a few growth shares to your portfolio this month? Then you might want to get better acquainted with the ones listed below.
The two shares listed below have been growing strongly and have been tipped to continue doing so in the future. Here's what you need to know about them:
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ResMed Inc. (ASX: RMD)
The first growth share to look at is ResMed. It is a medical device company with a focus on sleep treatment products and ventilators.
ResMed has been growing at a consistently strong rate over the last decade and looks well-placed to continue this positive form. This is due to its world-class, cloud-connected hardware and software solutions, and its huge addressable market.
In respect to the latter, management currently estimates that there are 936 million people with sleep apnoea globally, with the majority of these sufferers undiagnosed. In addition to this, the company notes that there are 380 million people who suffer from chronic obstructive pulmonary disease (COPD) and over 340 million people living with asthma. These are all people whose lives could be improved with ResMed's products in the future.
One broker that is very positive on the company's future is Credit Suisse. It has an outperform rating and $31.00 price target on its shares.
Zip Co Ltd (ASX: Z1P)
Another growth share to look at is Zip. It is a leading buy now pay later provider with operations across several key markets such as Australia, the United Kingdom, and the United States.
Thanks to the growing popularity of the payment method with consumers and merchants, the decline in credit card usage, and its international expansion, Zip has been growing its customer and sales numbers at a rapid rate.
For example, for the month of October, Zip delivered a 104% increase in transaction volume of $401.1 million from its 4.8 million customers. This annualises to $4.8 billion, which is a big lift on FY 2020's numbers.
The company has been tipped to continue this strong growth in the future. This is thanks to positive industry tailwinds, the shift to online shopping, and new product launches. The latter includes Zip Business and its Tap & Zip product.
Analysts at Morgans are very positive on its outlook. They currently have an add rating and lofty $9.80 price target on its shares.
