If you're wanting to make some new additions to your portfolio this week, then you might want to take a look at the ASX shares listed below.
Here's why they could be the buy zone:
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Adore Beauty Group Limited (ASX: ABY)
The first ASX share to look at buying this week is Adore Beauty. It is a beauty-focused ecommerce company which aims to deliver users an empowering and engaging beauty shopping experience.
Adore Beauty has been growing very strongly in recent years and this has continued in FY 2021. In February, the company released its half year results and reported revenue and earnings growth ahead of its prospectus forecasts. The company's revenue increased 85% to $96.2 million and its operating earnings jumped 188% to $5.2 million. The shift online and a significant jump in customer numbers to almost 800,000 drove the strong result.
Positively, Adore Beauty looks well-placed to continue its growth over the 2020s. Especially given the low penetration of online beauty sales compared to other Western markets.
One broker that is a fan of the company is UBS. It currently has a buy rating and $6.20 price target on its shares.
Aristocrat Leisure Limited (ASX: ALL)
Another ASX share to consider buying this week is Aristocrat Leisure. It is one of the world's leading gaming technology companies with a portfolio of world class poker machines and digital games.
With COVID-19 vaccines rolling out across the world, the outlook for the company's poker machine business is improving greatly. This should be supported by its digital business. which is home to some of the most popular mobile games in the world. These include RAID and EverMerge, which are helping this side of the business generate significant recurring revenues.
Analysts at Morgans are positive on the company. They believe the company is experiencing strong product tailwinds and expect new digital releases to boost its revenue.
Morgans currently has an add rating and $37.31 price target on its shares.
