Analysts are tipping these ASX growth stocks as buys

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Looking for growth stocks for your portfolio? Then take a look at the three listings below that are considered purchases.

Here’s what you need to know about these growth shares:

The first ASX growth share to consider is Life360. Its hugely popular Life360 app is the world’s leading real-time location sharing app used by families around the world to stay safe and communicate. At last count, there were over 30 million monthly active users on its platform. Through its freemium model, LIfe360 generates significant recurring revenue and creates significant cross-selling and up-selling opportunities for the business.

Bell Potter currently has a buy rating and price target of $7.50 on its shares. He thinks the company has a huge opportunity to monetize its user base. He notes that the company “has the potential to leverage its large and growing user base to enter new markets and disrupt legacy incumbents.” This includes “insurance, item and pet tracking, senior monitoring, home security, and/or identity theft.”

Lovisa Holdings Limited (ASX:LOV)

Another ASX growth share that could be in the buy zone is Lovisa. It is a fast fashion jewelry retailer that has set big expansion goals over the next few years. And with an experienced management team behind it that has been there and done it with other retailers, Lovisa looks well positioned to execute on its plans and deliver strong growth over the next decade.

Morgans is very positive on Lovisa and has an added rating and $24.00 price target on its shares. Its analysts are optimistic about the company’s global expansion plans and believe “LOV may well prove to be one of Australia’s biggest retail success stories”.

Temple & Webster Group Ltd (ASX:TPW)

A final share of ASX growth to consider is this online retailer of furniture and homewares. It has experienced very strong growth in recent years thanks to the continuous shift to online shopping. Fortunately, this continued in fiscal 2022. A recent business update revealed year-over-year revenue growth of 23% for the period January 1 to April 30.

Goldman Sachs has a buy rating and price target of $12.65 on its shares. The broker likes Temple & Webster because of its “early lead in the home furnishings category which is still in the early stages of online penetration.”


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