3 explosive ASX tech shares to buy this month

Analysts think these tech stocks could be great options for Aussie investors in January.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you are a fan of ASX tech shares, then you will be pleased to know that analysts have recently named a number of them as buys.

Here's what you need to know about these top buy-rated tech stocks:

Excited couple celebrating success while looking at smartphone.

Image source: Getty Images

Gentrack Group Ltd (ASX: GTK)

The first ASX tech share that could be a buy this month is Gentrack.

It is a growing specialist software provider to energy utilities, water companies, and airports. The latter includes providing flight information display systems (FIDS) at airports including Queenstown, Adelaide, and Sydney Airports.

Bell Potter believes the company is well-placed for growth in the coming years. It notes that it "has robust growth prospects attributed to recurring revenue and one-off projects related to digital transformations. Specifically, the emergence of renewables and battery storage is increasing complexity in data management and contributing to the need for modernised IT infrastructure supporting earnings growth for GTK."

The broker currently has a buy rating and $13.90 price target on Gentrack's shares.

Light & Wonder Inc. (ASX: LNW)

Bell Potter also thinks that this global cross platform games company could be an ASX tech share to buy right now.

Its analysts feel that concerns over the Dragon Train litigation has been overdone and created a buying opportunity. They note that "whilst the loss of future Dragon Train revenues is disappointing, our Buy thesis remains predicated on LNW's cross-platform strategy and leading scale producing a portfolio of high-performing games in both land-based and digital markets. As a result, we expect improvement in product quality to strengthen LNW's competitive advantage, supporting higher ROIC."

Bell Potter currently has a buy rating and $180.00 price target on Light & Wonder's shares.

Megaport Ltd (ASX: MP1)

Finally, Megaport could be an ASX tech share to buy this month according to the team at Morgans.

It is a leading provider of elastic interconnection services in data centres across the globe, which has exposure to the cloud computing and artificial intelligence (AI) megatrends.

Morgans notes that the company "operates the largest data centre connection business in the world, connecting to 850 data centres through a fully automated, on-demand telco network. We think it is uniquely placed to help business move data globally and benefit from the growth of data related to both cloud computing and AI."

The broker currently has an add rating and $12.50 price target on the company's shares.

Motley Fool contributor James Mickleboro has positions in Megaport. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Gentrack Group, Light & Wonder, and Megaport. The Motley Fool Australia has positions in and has recommended Gentrack Group. The Motley Fool Australia has recommended Light & Wonder. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Technology Shares

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Technology Shares

Why are EOS shares crashing 25% today?

Let's see why investors are hitting the sell button today.

Read more »

Oil worker giving a thumbs up in an oil field.
Technology Shares

This ASX 200 technology company is about 50% undervalued, the team at Shaw and Partners says

This company does work for some of the world's oil and gas majors.

Read more »

An army soldier in combat uniform takes a phone call in the field.
Industrials Shares

These 2 lesser-known ASX defence stocks are tipped to soar

Analysts tip upsides as high as 122% over the next 12 months.

Read more »

A man in a business suit rides a graphic image of an arrow that is rebounding on a graph.
Broker Notes

Why this beaten down $9 billion ASX 200 share is now a buy

A leading expert believes AI will help, rather than hinder, this tech focused ASX 200 stock.

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today.
Technology Shares

Guess which ASX defence stock is jumping 22% on US military order

It has been a strong start to the day for this small-cap stock.

Read more »

An army soldier in combat uniform takes a phone call in the field.
Growth Shares

Up 80% over the last month, EOS shares are near all-time highs. Should investors buy, hold or sell?

Electro Optic Systems has been one of the most impressive growth stocks on the ASX over the past year.

Read more »

A white EV car and an electric vehicle pump with green highlighted swirls representing ASX lithium shares
Technology Shares

Guess which ASX All Ords stock is jumping higher today on big Tesla news

Investors are bidding up the ASX All Ords stock today following news from Elon Musk’s Tesla.

Read more »

Ship carrying cargo
Technology Shares

3 reasons to buy WiseTech shares today

Morgans sees the ASX tech stock as a buy with 76% potential upside.

Read more »