3 of the best ASX shares you can buy right now

NEXTDC Ltd (ASX:NXT) and these ASX shares could be some of the best shares to buy right now. Here's what you need to know…

| 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're currently searching for a few shares to add to your portfolio, then you could do a lot worse than the ones listed below.

Here's why these ASX shares come highly rated right now:

Adore Beauty Group Limited (ASX: ABY)

The first ASX share to look at is Adore Beauty. It is Australia's number one pureplay online beauty retailer with almost 600,000 active customers. It is expecting to report revenue of $158.2 million for calendar year 2020. This will be a sizeable increase on the prior corresponding period. While this is a large number, it is still only a fraction of its market opportunity. Management estimates that it has an ~$11 billion a year opportunity in the Australian beauty and personal market. Morgan Stanley is positive on the company. It currently has an overweight rating and $8.35 price target on its shares.

NEXTDC Ltd (ASX: NXT)

Another ASX share to look at is NEXTDC. It is a leading data centre-as-a-service provider with 11 centres in key locations across Australia. From these Tier III and Tier IV facilities, it provides world-class colocation services to local and international organisations. It has been a big winner from the acceleration of the shift to the cloud caused by the pandemic. This has underpinned a significant increase in demand for capacity in its data centres and strong sales and earnings growth. Looking ahead, NEXTDC now has its eyes on the Asian market and has opened up offices in a number of key locations. If this expansion is a success, it could give it a very long runway for growth. Morgans is a fan of the company. It currently has an add rating and $13.89 price target on its shares.

Xero Limited (ASX: XRO)

A final ASX share to look at is this cloud-based business and accounting software provider. Despite the pandemic's impact on small businesses, Xero has continued to perform strongly in FY 2021. For example, in November, it released its half year results and revealed operating revenue growth of 21% to NZ$409.8 million. This was driven partly by a 19% increase in total subscribers to 2.45 million. Goldman Sachs is very bullish on the company and has a buy rating and $157.00 price target on its shares. The broker believes Xero has a multi-decade runway for strong revenue growth.

Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of Xero. 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

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

2 top ASX growth shares for explosive potential in 2025

These stocks look exciting and compelling to me.

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Share Market News

Brokers say these ASX 200 growth stocks could rise 50% to 70%

Analysts think these shares could be dirt cheap and destined to generate big returns.

Read more »

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

3 fantastic ASX 200 growth shares to buy in 2025

Analysts have good things to say about these buy-rated shares.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
Growth Shares

The ASX 200 stock with 'a $200 billion gross profit opportunity'

Experts believe this stock has excellent potential.

Read more »

A young girl and boy drinking milk in a garden setting
Growth Shares

2 ASX growth shares set to skyrocket in the next 12 months

These stocks have a lot of potential according to experts.

Read more »

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Growth Shares

2 no-brainer ASX 200 shares to consider buying with just $1,000

Analysts rate these top stocks very highly. Let's find out why.

Read more »

A happy laughing surfer couple surfing together.
Growth Shares

If I were in my 20s, I'd buy these ASX shares for growth

I think these investments could be great picks for younger Aussies.

Read more »

Hand holding Australian dollar (AUD) bills, symbolising ex dividend day. Passive income.
Growth Shares

Invest $5,000 into these ASX 200 shares in 2025

Analysts think these shares could be top options for an investment in 2025.

Read more »