Are you interested in adding some more ASX shares to your portfolio in November?
Three ASX growth shares that could be in the buy zone are listed below. Here's why analysts are bullish on them:
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Allkem Ltd (ASX: AKE)
The first ASX growth share that has been tipped as a buy is Allkem. It is one of the world's largest lithium miners with a growing portfolio of projects across various product types. From these projects, the company is aiming to grow its production in a way that allows it to maintain a 10% share of global lithium supply over the long term. This bodes well for its earnings growth in the coming years, especially given the insatiable demand for the battery making ingredient.
Macquarie's analysts are very bullish on Allkem thanks to its expectation that lithium prices will remain higher for longer. It currently has an outperform rating and $22.00 price target on its shares.
Aristocrat Leisure Limited (ASX: ALL)
Another ASX growth share that has been tipped as a buy is Aristocrat Leisure. Its is gaming technology company with a world class portfolio of games. These include poker machines and digital games. The latter has approximately ~20 million monthly active users, which is generating significant recurring revenues. But it doesn't stop there. The company is looking to expand into the real money gaming market and is undertaking a $500 million share buyback.
Citi is bullish on the company and has a buy rating and $40.20 price target on its shares.
REA Group Limited (ASX: REA)
Another ASX growth share to look at is REA Group. It is the leading player in online real estate listings in the Australian market. Earlier this week, the company released its first quarter update and revealed a 16% increase in revenue to $305 million and an 11% lift in operating EBITDA to $131 million. This was underpinned by 121.9 million average monthly visits during the period, which is 3.3 times more visits than the nearest competitor.
Goldman Sachs was pleased with the update. In response, the broker has retained its buy rating with a $159.00 price target on its shares.
