Analysts say these ASX growth shares can rise 20% to 40%

These could be the growth shares to buy now according to analysts.

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If you're a fan of growth shares like I am, then I have good news for you.

A couple of high-quality shares with bags of growth potential and major upside potential have recently been named as buys.

Here's why brokers are feeling bullish about them right now:

Corporate Travel Management Ltd (ASX: CTD)

Morgans is bullish on this corporate travel booker and has named it as an ASX growth share to buy.

The broker believes Corporate Travel Management is well-placed for growth over the medium term thanks to acquisitions, its lower cost base, and technology development. It has previously highlighted:

CTD should be a materially larger business post COVID given it has made two highly accretive acquisitions during the downturn. The company has also won a lot of new business, implemented structural cost-out opportunities and continued to develop its market-leading technology.

Morgans has an add rating and a $23.20 price target on its shares. This implies over 20% upside from current levels.

Xero Limited (ASX: XRO)

Another ASX growth share that has been named as a buy is Xero. It provides a platform for online accounting and business services to small businesses across the globe.

Goldman Sachs remains very positive on the company and believes it is well-placed to grow into its massive market opportunity over the long term. It commented:

We see Xero as very well-placed to take advantage of the digitisation of SMBs globally, driven by compelling efficiency benefits and regulatory tailwinds, with >100mn SMBs worldwide representing a >NZ$76bn TAM.

Goldman Sachs currently has a buy rating and a $141 price target on its shares. This suggests a potential upside of 40% for investors.

Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Corporate Travel Management, Goldman Sachs Group, and Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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