If you have room for some new portfolio additions, then it could be worth considering the three ASX growth shares listed below.
Here's what you need to know about these buy-rated shares:
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Allkem Limited (ASX: AKE)
If you don't mind investing in the resources sector, then a growth share to consider is Allkem. It is a top five global lithium mining company, formerly known as Orocobre, with a collection of high-quality assets. These include Olaroz, Mt Cattlin, and the Sal de Vida brine project. Allkem has been and looks set to continue benefiting greatly from the sky high lithium prices being underpinned by the clean energy transition and the rapid adoption of electric vehicles. This bodes well for its growth in the coming years. Macquarie is bullish and has an outperform rating and $12.00 price target on its shares.
Lovisa Holdings Limited (ASX: LOV)
Another ASX growth share to look at is Lovisa. It is a fast-fashion jewellery retailer with a growing store network. Lovisa recently appointed a new CEO, Victor Herrero. He was previously the Head of Asia Pacific and Managing Director Greater China for Inditex (Zara, Pull & Bear and Massimo Dutti). This went down well with the team at Macquarie, which notes that China (as well as India) will be a key focus for Lovisa. In fact, it sees scope for the company to open as many as 1,400 stores in these markets alone. Macquarie has an outperform rating and $25.00 price target on its shares.
ResMed Inc. (ASX: RMD)
A final growth share to consider is ResMed. It is a medical device company with a focus on the sleep treatment market. ResMed has been tipped to continue growing strongly over the long term thanks to its industry-leading products and massive market opportunity. It also looks set to benefit greatly in FY 2022 from a significant product recall from a key rival. Credit Suisse is a fan of ResMed and has an outperform rating and $43.00 price target on the company's shares.
