The Australian share market is home to a number of companies growing at a rapid rate.
Three that could be well-placed for growth are listed below. Here's what you need to know about these ASX shares:
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Allkem Ltd (ASX: AKE)
The first growth share to look at is Allkem. It is a top five global lithium mining company that was formed following the merger of Galaxy Resources and Orocobre. The company has a collection of high-quality assets including Olaroz, Mt Cattlin, and the Sal de Vida brine project. And unlike the many lithium explorers and developers on the ASX, Allkem is already producing lithium and benefiting from sky high prices. With production rising and demand tipped to outstrip supply for many years to come, the future looks bright for Allkem.
Macquarie is bullish and has an outperform rating and $12.00 price target on its shares.
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. Unsurprisingly, it was hit hard by the pandemic. However, IDP has bounced back strongly and looks well-placed to win market share once the crisis passes and trading conditions return to normal. The company has also boosted its future growth with a key acquisition in the lucrative India market.
Morgan Stanley currently has an overweight rating and $40.20 price target on the company's shares.
Megaport Ltd (ASX: MP1)
A final growth share to look at is Megaport. It is a fast-growing provider of elasticity connectivity and network services interconnection across any location, to any service by Software Defined Networking (SDN). Megaport's SDN allows customers to connect to hundreds of leading service providers in a flexible, on-demand, and cost-effective way. This service is resonating with customers across the globe as the shift to the cloud accelerates, which has underpinned very strong recurring revenue growth.
Macquarie appears to believe this strong form will continue. As a result, it recently put an outperform rating and $24.00 price target on its shares.
