If you have a penchant for ASX growth stocks like I do, then it could be worth considering the three listed below.
Here's what you need to know about these buy-rated shares:
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Lovisa Holdings Ltd (ASX: LOV)
Morgans says that Lovisa could be an ASX growth stock with plenty of upside potential. The broker likes the fashion jewellery retailer due to its global expansion plans and low price points. In respect to the former, Morgans highlights that Lovisa "plans to enter mainland China in FY24, paving the way for significant longer-term growth."
The broker has an add rating and a $27.50 price target on its shares. This implies a potential upside of over 25%.
NextDC Ltd (ASX: NXT)
Another ASX growth stock that could be a buy is data centre operator NextDC.
Analysts at Goldman Sachs are very positive on the company's outlook. This is because they believe NextDC is well-positioned to benefit from "the rapid growth in cloud adoption" and "the significant demand by both public and private investors for digital infrastructure assets."
Goldman currently has a buy rating and a $15.80 price target on its shares. This suggests a potential upside of almost 20%.
Objective Corporation Limited (ASX: OCL)
A final ASX growth stock that has been named as a buy is Objective Corp.
Goldman Sachs is also a fan of this software company that provides content, collaboration, and process management solutions to the public sector. The broker highlights that Objective Corp is benefiting from strong demand in a defensive sector. In fact, its analysts expect this demand to lead to earnings per share growth above 20% in both FY 2024 and FY 2025.
Goldman has a buy rating and a $14.55 price target on Objective Corp's shares. This implies a potential upside of almost 20%.
