Analysts are tipping big returns from these ASX growth shares

There are plenty of ASX growth shares to choose from on the Australian share market. But which ones could be …

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There are plenty of ASX growth shares to choose from on the Australian share market. But which ones could be top buys this month?

Two ASX growth shares that analysts are tipping as buys in September are named below. Here's why they could be in the buy zone for growth investors:

Corporate Travel Management Ltd (ASX: CTD)

Goldman Sachs thinks this corporate travel specialist is an ASX growth share to buy this month.

In response to its FY 2023 results release last month, the broker said:

[W]e believe that CTD is well placed to further capitalize the industry growth trends organically and/or inorganically and hence reiterate our Buy rating.

Another positive is its current valuation, which Goldman believes is relatively cheap by historical standards. It highlights that it "currently trades at an ~10% discount to average historical P/E despite the growth outlook being ahead of historical levels."

Goldman currently has a buy rating and a $21.60 price target on the company's shares. This implies a 22% upside over the next 12 months.

NextDC Ltd (ASX: NXT)

The team at Morgans believes that this data centre operator would be a top ASX growth share to buy in September. The broker has been impressed with recent contract wins. It said:

After consistently telling investors there were some big contracts deep in negotiations, NXT has contracted 60MW of capacity in the last 6 months. This is more than they sold, cumulatively, in their first 10 years of existence.

Morgans is expecting this to underpin strong earnings growth for the foreseeable future. It points out that orders of this magnitude "underpin growth for the next 5+ years, and once fully ramped-up, offer earnings stability for the next 10+ years."

The broker has an add rating and a $14.50 price target on NextDC's shares. This suggests a potential upside of approximately 13% for investors from current levels.

Motley Fool contributor James Mickleboro has positions in Nextdc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Corporate Travel Management and Goldman Sachs Group. The Motley Fool Australia has recommended Corporate Travel Management. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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