Investors looking for ASX growth shares to buy might want to look at the two listed below.
That's because these shares have been named as buys and tipped to climb meaningfully from current levels.
Here's what you need to know about them:
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Altium Limited (ASX: ALU)
The first ASX growth share that could be a buy is Altium.
It is a printed circuit board (PCB) design software provider behind the industry-leading Altium Designer and Altium 365 platforms. PCBs are found inside almost all electronic devices and are integral to their operation.
The good news is that demand for Altium's software is expected to grow strongly in the future. This is due to a number of tailwinds, such as artificial intelligence and the Internet of Things, which are expected to underpin an explosion in electronic devices.
In addition, the company has a couple of complementary businesses with positive long-term outlooks that should be supportive of its growth.
Morgan Stanley is a fan of the company and has an overweight rating and a $50 price target on its shares. This implies a potential upside of almost 15% for investors between now and this time next year.
Life360 Inc (ASX: 360)
This location technology company is in the buy zone according to analysts at Goldman Sachs.
Goldman is very positive on Life360's long-term outlook, highlighting its exposure "to a US$12bn global TAM." The broker believes this makes it "undervalued compared to domestic and global peers."
Its analysts also see "scope for re-rating as Life360 demonstrates pricing leverage, improving unit economics and operating leverage through FY23E."
Goldman currently has a buy rating and a $10.50 price target on the ASX growth share. This suggests a potential upside of 22% for investors over the next 12 months.
