Are you looking to add some growth shares to your portfolio in October?
If you are, then the three ASX growth shares listed below could be worth considering. Here's why analysts rate them as buys:
Image source: Getty Images
Allkem Ltd (ASX: AKE)
The first ASX growth share that has been tipped as a buy is Allkem. It is a leading lithium miner with projects in Argentina, Australia, and North America. The company is already producing large quantities of lithium, but won't stop there. It is now aiming to grow its production in a manner that allows it to maintain a 10% share of global lithium supply over the long term.
Macquarie is bullish on Allkem due to the strong lithium pricing outlook. As a result, it has put an outperform rating and $21.00 price target on its shares.
NextDC Ltd (ASX: NXT)
Another ASX growth share that has been named as a buy is NextDC. It is one of the ANZ region's leading data centre operators with a portfolio of world class centres across key locations throughout Australia. But like Allkem, NextDC isn't resting on its laurels. It is now looking to expand into regional locations and overseas in Asia. This appears to put NextDC is a strong position to benefit from the ongoing structural shift to the cloud.
Goldman Sachs believes NextDC is well-placed for long term growth and has put a buy rating and $14.20 price target on its shares.
Treasury Wine Estates Ltd (ASX: TWE)
A final ASX growth share that has been tipped as a buy is Treasury Wine. It is the wine giant behind popular brands such as Penfolds, 19 Crimes, and Wolf Blass. The company was a very strong performer in FY 2022 thanks to its growing US business and the success of its premiumisation strategy.
Pleasingly, Morgans is bullish on Treasury Wine's outlook and is forecasting "strong earnings growth" over the next few years. In light of this, it has put an add rating and $13.93 price target on its shares.
