2 exciting ASX growth shares to buy for your portfolio

Zip Co Ltd (ASX:Z1P) and this ASX growth share could be worth considering as additions to a balanced portfolio…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you have room in your portfolio for a growth share or two, then you might want to take a look at the ones listed below.

Both have been named as buys and tipped to deliver strong growth over the coming years. Here's what you need to know:

Nanosonics Ltd (ASX: NAN)

With the COVID-19 crisis highlighting the importance of infection control, Nanosonics looks well-placed for the future. At present the company is a bit of a one-trick pony with its hugely popular and industry-leading trophon EPR disinfection system for ultrasound probes.

However, it is aiming to launch several new products in the near future which have similar addressable markets. Given the favourable tailwinds supporting infection prevention, these products could take its growth up a level if management finally releases them after several delays.

One broker that thinks investors should be patient with Nanosonics is UBS. The broker believes the company is a high-quality and structural growth story and expects it to benefit from post-COVID infection prevention tailwinds. UBS has a buy rating and $7.20 price target on the company's 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.

Zip has been growing its transaction value and customer numbers at a very strong rate over the last few years. This has been driven by the growing popularity of the buy now pay later payment method with consumers and merchants, the decline in credit card usage, and its international expansion.

The company has also launched a few complementary products which have been tipped to support its growth in the future. These include Zip Business and its Tap & Zip product.

Analysts at Morgans are very positive on its outlook. Following its capital raising last month, the broker put an add rating and $8.89 price target on its shares. This compares to the current Zip share price of $5.61.

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 Nanosonics Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Growth Shares

Two players on a field pump their fists in the air, indicating two of the best
Growth Shares

The ultimate ASX growth shares to buy with $5,000

Brokers are very bullish on these names. But why? Let's find out.

Read more »

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Growth Shares

Where to invest $1,000 into ASX shares in June

These shares could be buys according to analysts.

Read more »

Young female investor smiling and speaking on mobile phone while sitting in front of laptop
Growth Shares

Looking for ASX growth shares? I rate these 2 as top buys for June

I’m very excited about the growth potential of these stocks…

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Growth Shares

3 high-conviction ASX growth shares to buy

Analysts have good things to say about these stocks.

Read more »

happy investor, share price rise, increase, up
Growth Shares

Where to invest $5,000 into ASX growth shares now

These shares could be destined for big things according to analysts.

Read more »

ETF spelt out with a piggybank.
ETFs

Want to buy ASX growth shares? Consider these ETFs instead

Growth ETFs can be easier to invest in than shares.

Read more »

A businessman compares the growth trajectory of property versus shares.
Growth Shares

Are these 2 top ASX growth shares buys?

ASX growth shares can deliver strong results. Should these stocks be in your portfolio?

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Growth Shares

These ASX growth stocks could rise 80% to 100%

Let's see what brokers are tipping as buys with big return potential.

Read more »