There are a lot of growth shares for investors to choose from on the Australian share market. In order to narrow things down, I have picked out three that are highly rated by analysts.
Here's what you need to know about these ASX growth shares:
Breville Group Ltd (ASX: BRG)
The first ASX growth share to look at is this leading appliance manufacturer. It has been growing at a solid rate for a number of years and continued this trend in FY 2021. In fact, the company's growth accelerated and led to it outperforming its guidance. Breville reported a 24.7% increase in revenue to $1,187.7 million and a 39.6% jump in earnings before interest and tax (EBIT) to $136.4 million.
Morgans is a fan of the company. It currently has an add rating and $34.00 price target on its shares. The broker believes the company is capable of double digit, multi-year organic revenue growth.
IDP Education Ltd (ASX: IEL)
Another ASX growth share to look at is IDP Education. It is a provider of international student placement services and English language testing services. For obvious reasons, it was hit hard by the pandemic. However, the company has been tipped to win market share once the crisis passes and trading conditions return to normal. It has also boosted its future growth with a key acquisition in the lucrative India market.
Last week UBS retained its buy rating and lifted its price target on the company's shares to $36.40. The broker believes IDP Education is well-placed for a big earnings recovery once the pandemic passes.
ResMed Inc. (ASX: RMD)
Another ASX growth share to look at is ResMed. It is a medical device company with a focus on the sleep treatment market. ResMed has been growing at a solid rate for over a decade. This has been underpinned by its industry-leading products, wide distribution, and successful acquisitions. Pleasingly, thanks to its significant market opportunity and the growing prevalence of sleep disorders, it has been tipped to continue this positive form long into the future.
Credit Suisse believes the company is well-positioned to grow at above-industry rates over the long term. Earlier this month the broker retained its outperform rating and lifted its price target to $44.00.
