Are you interested in adding some ASX growth shares to your portfolio? If you are, you may want to look at the three listed below.
Here's what you need to know about these buy-rated growth shares:
Image source: Getty Images
NextDC Ltd (ASX: NXT)
The first ASX growth share that has been tipped as a buy is data centre operator NextDC. Morgans is very positive on the company's outlook and is expecting another strong result in FY 2023. It expects this to be underpinned by "structural demand for cloud and colocation [which] remains incredibly strong."
The broker also points out the company is benefiting from "significant barriers to entry and, in our view, improving competitive advantage (scale plus regional/edge sites)."
Morgans has an add rating and $13.30 price target on the company's shares.
Life360 Inc (ASX: 360)
Another ASX growth share that has been named as a buy is Life360. It is rapidly growing location technology company responsible for the Life360 mobile app. This app is for families and offers useful features such as communications, driver safety, and location sharing.
At the last count, there were almost 50 million active monthly users of the app, which is generating significant recurring revenue. In addition, Life360 recently acquired wearables company Jiobit and items tracking company Tile. These are providing it with lucrative cross and upselling opportunities.
Bell Potter is bullish on the company's future. It currently has a buy rating and $9.00 price target on its shares.
WiseTech Global Ltd (ASX: WTC)
Another ASX growth share that could be a buy is this logistics solutions company. WiseTech is the company behind the popular CargoWise One solution, which allows users to execute complex logistics transactions and manage freight operations from a single, easy to use platform.
Demand has been growing very strongly over the last decade, underpinning incredible sales and profit growth. Pleasingly, this strong form is expected to continue in FY 2023, with management recently reaffirming its guidance for revenue growth of 20% to 23% and EBITDA growth of 21% to 30%.
The team at UBS expect this strong growth to continue until at least FY 2025 and have put a buy rating and $65.90 price target on its shares.
