If you're looking for some ASX growth shares to take your portfolio to the next level, then it could be worth checking out the two listed below.
That's because they have been tipped as buys with price targets offering a potential upside of 30% or greater.
Here's what analysts are tipping from them:
Image source: Getty Images
Allkem Ltd (ASX: AKE)
Bell Potter is feeling very bullish on this ASX growth share. In response to the lithium miner's FY 2023 results, the broker put a buy rating and $19.00 price target on its shares. This implies a potential upside of 34% from current levels. It commented:
Big year ahead. AKE reported FY23 underlying EBITDA of US$910m (BP est. US$843m) and NPAT of US$521m (BP est. US$501m). No dividend was declared, as expected. Limited FY24 guidance was provided for AKE's two operating assets: Mt Cattlin spodumene concentrate production at 210-230kt at a unit cost of US$850/dmt; and Olaroz lithium carbonate production of 22-26kt.
ResMed Inc. (ASX: RMD)
Another ASX growth share that could have major upside potential is ResMed. According to a note out of Morgans, its analysts have an add rating and $36.95 price target on the sleep treatment company's shares. This suggests an upside of over 45% for investors.
While a little disappointed with its weaker-than-expected margins in FY 2023, the broker remains positive. It said:
ResMed Inc's 4Q was mixed, as strong sales across all product lines failed to translate into operating leverage.
While softer GPM disappointed, a bit of altruism appears to be at play, as demand fulfillment, despite unfavourable product mix and higher inventory component costs, trumped short-term profit growth. However, we believe an expanding installed base and franchised customers should not be frowned upon by the market, with margins likely to improve through FY24 on abating headwinds.
