Are you looking to add some growth shares to your portfolio?
If you are, two ASX growth shares that could be worth considering are listed below. Here's why they are rated as buys:
Allkem Ltd (ASX: AKE)
The first ASX growth share to consider is Allkem. It is one of the world's largest lithium miners aiming to maintain a 10% share of global lithium supply over the long term.
Although Goldman Sachs is bearish on the lithium industry, it is positive on Allkem due to its production growth plans and its downstream optionality. The broker commented:
Of our covered Australian lithium companies, Allkem has the best LCE growth outlook with production growing >4x to FY27E with further downstream optionality on carbonate production
Goldman has a buy rating and $15.50 price target on Allkem's shares.
Lovisa Holdings Limited (ASX: LOV)
Another ASX growth share to consider is fast-fashion jewellery retailer, Lovisa.
Much like Allkem, it is the company's growth plans that has analysts and investors excited. Lovisa has been growing its store network at a rapid rate in recent years but isn't anywhere near the end of its journey. This is a journey being navigated by a highly talented and experienced management team that has been there before with other global retail brands.
In light of this, Lovisa has been tipped to become one of Australia's biggest retail success stories by analysts at Morgans. The broker said:
LOV may just prove to be one of the biggest success stories in Australian retail. With ambitious new leadership in place, we think now is the time LOV steps up to become a global force. Investment will be needed to expand LOV's network in the US and Europe and to take it into new markets, but the returns could be stellar.
Morgans currently has an add rating and $28.50 price target on Lovisa's shares.
