If you're looking for some new growth shares to buy, then it could be worth considering the three ASX shares listed below.
Here's what you need to know about these highly rated growth shares:
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Allkem Ltd (ASX: AKE)
The first ASX growth share to consider is Allkem. It is a top five global lithium miner with a collection of world class operations including Olaroz, Mt Cattlin, and the Sal de Vida brine project. Unlike the many lithium explorers and developers on the ASX, Allkem is already benefiting from the sky high lithium prices being underpinned by the decarbonisation trend and the rapid adoption of electric vehicles.
In fact, this month the company revealed that it expects to receive US$35,000 per tonne FOB for its lithium carbonate in the June quarter. This is up from US$27,236 per tonne during the March quarter and is more than triple the US$11,095 per tonne commanded during the first half.
Bell Potter is bullish on Allkem. It currently has a buy rating and $15.50 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 global store network. It is the company's global expansion plans that are getting investors and analysts excited.
For example, Morgans has suggested that the company could "prove to be one of the biggest success stories in Australian retail." It sees a huge opportunity for Lovisa to expand internationally and appears confident that it has the management team to execute on this.
Morgans currently has an add rating and $24.00 price target on its shares.
Megaport Ltd (ASX: MP1)
A final growth share to look at is Megaport. It is the leading provider of elastic interconnection services in the data centres globally. Using software defined networking (SDN), Megaport's global platform allows users to rapidly connect their network to other services across the Megaport Network.
The team at Goldman Sachs is very bullish on Megaport. It estimates that Megaport has exposure to $129 billion per annum spent on fixed enterprise networking across its current geographies. This is being underpinned by structural tailwinds such as the adoption of public cloud and the transition towards Networking as a Service.
Goldman Sachs has a buy rating and $19.90 price target on its shares.
