Fortunately for growth investors, there are plenty of quality options for them on the Australian share market.
Two options to consider buying are listed below. Here's why they are highly rated:
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Megaport Ltd (ASX: MP1)
The first ASX growth share to look at is Megaport. It is a leading provider of elastic interconnection services globally. The company utilises software defined networking (SDN) to allow customers to rapidly connect their network to other services across the Megaport Network.
This means that services can be directly controlled by customers via mobile devices, their computer, or its open API.
The shift to the cloud has led to increasing demand for Megaport's services. As a result, it now connects more than 2,050 customers in over 700 enabled data centres globally. This led to Megaport reporting Monthly Recurring Revenue (MRR) of $6.3 million at the end of December. This was up $1.7 million or 37% year on year.
Goldman Sachs is confident in its growth outlook. The broker currently has a buy rating and $15.55 price target on its shares. This compares to the current Megaport share price of ~$12.25.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share to look at is Temple & Webster. It is one of Australia's leading online retailers with a focus on furniture and homewares.
Temple & Webster has been growing at a rapid rate over the last few years thanks to the shift to online shopping. And while its growth went into overdrive during the pandemic, management expects to remain a high growth company post-COVID.
Especially given its expanding private label range and the low penetration of online furniture and homewares sales in comparison to other Western markets.
Morgan Stanley is very positive on the company's future. The broker currently has an overweight rating and $14.00 price target on its shares. This compares to the latest Temple & Webster share price of ~$10.37.
