Looking for some growth shares to buy? Then take a look at the three listed below that are rated as buys with major upside potential.
Here's what you need to know about these growth shares:
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Life360 Inc (ASX: 360)
The first ASX growth share to look at is Life360. It is the company behind the hugely popular Life360 app, which is the world's leading real time, location-sharing app used by families across the world to stay safe and communicate. At the last count, there were almost 34 million monthly active users on its platform. This is generating significant recurring revenue and creates material cross-selling and upselling opportunities for the company.
Bell Potter is bullish on Life360 and believes recent share price weakness is a buying opportunity. It currently has a buy rating and $10.00 price target on its shares. This suggests that its shares could almost double in value from current levels.
ResMed Inc. (ASX: RMD)
Another 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 strong rate for over a decade and has been tipped to continue this positive form over the long term. This is thanks to its industry-leading products and massive market opportunity. In respect to the latter, management estimates that there are ~1 billion people impacted by sleep apnoea worldwide, with just ~20% already diagnosed.
Morgans is a fan of ResMed and has an add rating and $40.46 price target on its shares. This implies potential upside of 25% for investors.
Temple & Webster Group Ltd (ASX: TPW)
A final ASX growth share to look at is this online furniture and homewares retailer. Its shares have been hit hard this year amid weakness in the tech sector and particularly the online shopping category. While this is disappointing, it could have created a buying opportunity for long term focused investors.
Goldman Sachs has a buy rating and $12.65 price target, which implies over 100% upside. The broker likes Temple & Webster due to its "early lead in the home furniture category which is still in the early stages of online penetration."
