The ASX is home to some high-quality ASX growth stocks. Three such shares that have recently been named as buys and tipped to rise materially from current levels are listed below.
Here's what you need to know about them:
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Flight Centre Travel Group Ltd (ASX: FLT)
Morgans thinks that Flight Centre could be an ASX growth stock to buy. It recently commented:
With confidence that the travel recovery has much further to go and the benefits of FLT's transformed business model emerging, we think the company is well placed over coming years. We maintain an Add recommendation.
The broker currently has an add rating and a $26 price target on its shares. This implies a potential upside of 42% for investors.
Lovisa Holdings Ltd (ASX: LOV)
Morgans is also tipping big returns from this ASX growth share. It likes the fashion jewellery retailer largely due to its global expansion plans. It said:
LOV grew substantially in FY23 to finish the year with an 801-store network in 39 countries. We believe it plans to enter mainland China in FY24, paving the way for significant longer-term growth.
Morgans has an add rating and a $27.50 price target on its shares. This suggests a potential upside of almost 60% over the next 12 months..
Xero Limited (ASX: XRO)
Finally, Goldman Sachs thinks that Xero could be an ASX growth stock to buy. The broker believes this cloud-based accounting and business services platform provider to small businesses is a global growth story in the making. It commented:
Given the company's pivot to profitable growth and corresponding faster earnings ramp, we see an attractive entry point into a global growth story with Xero our preferred large-cap technology name in ANZ, we are Buy rated (on CL).
Goldman has a buy rating and a $147 price target on its shares. This implies a potential upside of approximately 38% for investors.
