2 Very Exciting ASX Growth Stock Experts Rate Like Buys
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If you have room for new additions next week, it might be worth considering the two ASX growth shares listed below.
Here’s what you need to know about these buy-listed stocks:
Lovisa Holdings Limited (ASX:LOV)
The first ASX growth share that experts consider a buy is Lovisa.
It is a fast fashion jewelry retailer with a growing network of stores around the world. But Lovisa’s highly experienced management team is not resting on its laurels, it sees a significant expansion opportunity ahead.
It is for this reason that Morgans is very bullish on the company. Following his strong FY2022 result, he commented:
What was even more remarkable than the result itself was the phenomenal scale of LOV’s ambition. In its own words, LOV is “building a global brand”, which will involve developing a global presence which we believe will far exceed the 651 stores in the current portfolio.
Growth momentum is expected to pick up in FY23 and the addition of new markets, including perhaps Italy and Mexico, seems more than likely. In our view, it will not stop there. The expansion in Hong Kong seems to us to be a precursor to a move to mainland China over time. And if LOV can prove itself in Italy, the European fashion capital, why not in Japan, its counterpart in Asia, further down the track?
Morgans currently has an added rating and a price target of $24.00 on its shares.
Another share of ASX growth that experts consider a buy is the world’s leading provider of elastic interconnect services, Megaport.
Megaport’s increasingly popular service offers users an easy way to create and manage network connections. Using the Megaport Network, businesses can then deploy private point-to-point connectivity between any of Megaport’s global network infrastructure locations.
And with the structural shift to the cloud continuing, the Goldman Sachs team believes the company is well positioned to benefit from growing demand and higher spending on enterprise networks. He recently commented:
MP1 benefits from its first-mover advantage and two structural tailwinds that accelerated during covid-19, including: (1) public cloud adoption and multi-cloud usage; and (2) the growth of network as a service (NaaS). The opportunity for additional growth is immense (GSe 129 billion Australian dollars per year spent on fixed enterprise networks in MP1 geographies).
Goldman Sachs has a buy rating and price target of $10.30 on its stock.