If you're looking to invest in a growth share or two, then you might want to consider the ones listed below.
Here's why these ASX shares could be top options for growth investors looking at long term buy and hold options:
Afterpay Ltd (ASX: APT)
This buy now pay later (BNPL) provider could be a quality buy and hold option. This is due to its extremely positive long term growth outlook.
Afterpay has been growing at a rapid rate in recent years and looks well placed to continue this trend in the years to come. This is thanks to its leadership position in the growing BNPL industry and its expansion into other financial products and geographies.
In respect to the former, a recent note out of Macquarie reveals that it believes the BNPL market could be worth as much as A$3.8 trillion by 2030. Given its leadership position, this can only be good news for Afterpay.
It is partly for this reason that Macquarie upgraded the company's shares to an outperform rating with a $120.00 price target late last month.
NEXTDC Ltd (ASX: NXT)
Another ASX share to consider as a buy and hold investment is NEXTDC. Its 11 world class Tier III and Tier IV data centre facilities across Australia appear well-placed to benefit greatly from increasing demand thanks to the cloud computing boom.
This boom is being driven by more and more services becoming cloud-based and businesses continuing to shift in-house infrastructure into data centres.
And while the structural shift to the cloud has accelerated during the pandemic, it still has a long way to go. This is expected to underpin strong sales and profit growth for the foreseeable future. In fact, a significant amount of NEXTDC's future capacity has already being contracted, which gives investors good visibility on its future earnings.
Looking ahead, the company is planning to expand into the Asia market. It recently opened up offices in Singapore and Tokyo with a view of entering these markets in the near future. If this expansion is a success, then it would give NEXTDC an even longer runway for growth over the 2020s.
Goldman Sachs is bullish on NEXTDC. Its analysts currently have a buy rating and $15.00 price target on its shares.
