If you're a growth investor and on the lookout for some big returns, it could be worth looking at the ASX shares in this article.
That's because they have been named as buys and tipped to rise strongly over the next 12 months. Let's see what brokers are expecting from these ASX growth shares:
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Life360 Inc (ASX: 360)
Life360 could be an ASX growth share to buy according to analysts at Bell Potter.
It is the location technology company behind the eponymous Life360 family tracking app. This app has over 70 million active users (and growing) and is generating significant recurring revenue growth.
For example, it recently released its second quarter update and reported a 23% increase in annualised monthly revenue (AMR) to US$304.8 million.
In addition, the company has launched an advertising business to monetise its vast user base. This could come in particularly handy in markets where the price of its premium offering is prohibitive.
Bell Potter is feeling very positive about the company's future and continues to recommend it to investors. It has a buy rating and $20.50 price target on Life360's shares, which implies potential upside of 21% for investors.
NextDC Ltd (ASX: NXT)
Over at Macquarie, its analysts have named NextDC as an ASX growth share to buy this month. It is one of the region's leading data centre service providers.
The broker believes that the company is positioned for strong growth due to the increasing demand for data centre capacity. This is being underpinned by the artificial intelligence boom and the shift to the cloud, and includes a new breed of hyperscale customers (GPU Cloud and ChatGPT-type providers) entering the market.
Macquarie recently put an outperform rating and $21.20 price target on NextDC's shares. Based on its current share price of $17.23, this suggests that upside of 23% is possible over the next 12 months.
Webjet Limited (ASX: WEB)
Finally, Webjet could be a third ASX growth share to buy for big returns. It is an online travel booker and bedbank services provider.
UBS is recommending the company's shares as buy. It is feeling very positive about the company's proposed demerger of its B2C operations. The broker suspects that this demerger could be the key to driving a re-rating of Webjet's shares.
UBS currently has a buy rating and $10.00 price target on its shares. Based on the current Webjet share price of $7.53, this implies potential upside of 33% for investors between now and this time next year.
