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If you have space in your portfolio for some new ASX growth stocks in June, then it could be worth checking out the five listed below.
They have all recently been named as buys by brokers and tipped to rise meaningfully from current levels.
Here’s what you need to know about these top growth shares:
Flight Centre Travel Group Ltd (ASX: FLT)
The first ASX growth stock that could be a buy in June is travel agent giant Flight Centre. Analysts at Morgans are very positive on the company and believe its transformed business model means it is “well placed over coming years.”
The broker currently has an add rating and $27.27 price target on its shares.
IDP Education Ltd (ASX: IEL)
Goldman Sachs thinks this beaten down language testing and student placement company’s shares are dirt cheap at current levels. While the broker acknowledges that it is facing short term headwinds, it remains very positive on its long term growth. This is thanks to structural tailwinds and its dominant market position.
Goldman has a buy rating and $25.30 price target on its shares.
Bell Potter thinks this rapidly growing location technology company is an ASX growth stock to buy. Its analysts believe that Life360 has the “potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents.” The broker also sees scope for a “re-rating of the stock given the higher multiples of comps.”
It has a buy rating and $17.75 price target on Life360’s shares.
Lovisa Holdings Ltd (ASX: LOV)
Bell Potter is also very bullish on fashion jewellery retailer Lovisa and sees it as a top ASX growth stock to buy.
Its analysts believe that Lovisa can grow its network by 10% per annum between FY 2023 and FY 2034. This is expected to drive strong sales and earnings growth over the next decade.
Bell Potter currently has a buy rating and $36.00 price target on its shares.
TechnologyOne Ltd (ASX: TNE)
Finally, Goldman Sachs is also a fan of this enterprise software provider and sees it as an ASX growth stock to buy. Its analysts highlight that they “see margin expansion resuming from FY24E onwards, which in combination with robust revenue growth should drive a mid-high teens EPS CAGR to FY26E, providing strong earnings visibility.”
The broker has a buy rating and $18.85 price target on Technology One’s shares.