If you have room for some new additions next week, 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 that experts are tipping as a buy is Lovisa.
It is a fast-fashion jewellery retailer with a growing network of stores across the world. But Lovisa's highly experienced management team isn't resting on its laurels, it sees a material expansion opportunity ahead.
It is for this reason that Morgans is very bullish on the company. Following its strong FY 2022 result, it commented:
What was even more remarkable than the result itself was the phenomenal scale of LOV's ambition. In its own words, LOV is 'building a global brand', which will involve the development of a global presence that we believe will far out scale the 651 stores in the portfolio today.
The momentum of growth is expected to increase in FY23 and the addition of further new markets, perhaps including Italy and Mexico, appears more than likely. In our opinion, it won't stop there. Expansion in Hong Kong seems to us to be a precursor to a move into mainland China in due course. And if LOV can prove itself in Italy, the European fashion capital, why not Japan, its counterpart in Asia, further down the track?
Morgans currently has an add rating and $24.00 price target on its shares.
Megaport Ltd (ASX: MP1)
Another ASX growth share that experts rate as a buy is leading global elastic interconnection services provider, Megaport.
Megaport's increasingly popular service provides users with an easy way to create and manage network connections. Through the Megaport network, businesses can then deploy private point-to-point connectivity between any of the locations on Megaport's global network infrastructure.
And with the structural shift to the cloud continuing, the team at Goldman Sachs believes the company is well-placed to benefit from increasing demand and higher spending on enterprise networking. It recently commented:
MP1 is benefiting from its first-mover advantage, and two structural tailwinds that accelerated through covid-19, including: (1) The adoption of public cloud & multi-cloud usage; and (2) The growth in Networking as a Service (NaaS). The opportunity for further growth is immense (GSe A$129bn p.a. spent on fixed enterprise networking across MP1 geographies).
Goldman Sachs has a buy rating and $10.30 price target on its shares.
