If you're a growth investor and have room for in your portfolio for some new additions in September, then it could be worth considering the two ASX growth shares listed below.
Here's what you need to know about these buy-rated shares:
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Lovisa Holdings Limited (ASX: LOV)
The first ASX growth share to look at is fast-fashion jewellery retailer Lovisa.
While its shares have been on fire since the release of an exceptionally strong full year result for FY 2022, the team at Macquarie still sees plenty of room for them to climb even higher.
According to a recent note, the broker has retained its outperform rating and lifted its price target to $27.70.
Based on the current Lovisa share price of $22.87, this implies potential upside of 21% for investors over the next 12 months.
Macquarie was impressed with Lovisa's strong performance in FY 2022 and believes more of the same is coming. Particularly given its exposure to the lower price point costume jewellery category and younger consumers. The broker feels this area of retail is likely to perform well during an economic downturn.
Megaport Ltd (ASX: MP1)
Another ASX growth share that has been tipped as a buy is Megaport.
It is the global leader in elastic interconnection services, using software defined networking to rapidly connect users' networks to other services across the Megaport Network.
Goldman Sachs is a big fan of the company and has a buy rating and $10.30 price target on its shares. Based on the current Megaport share price of $7.26, this implies potential upside of 42% for investors over the next 12 months.
The broker believes Megaport is well-placed for strong long term growth thanks to its product leadership in the rapidly growing network as a service/SD-WAN addressable markets.
