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The Australian share market is home to a number of high quality ASX growth shares.
Two that could be worth considering are listed below. Here’s what you need to know about them:
The first ASX growth share that has been tipped as a buy is IDP Education. It is a leading provider of international student placement services and English language testing services.
Goldman Sachs is very positive on IDP Education’s outlook thanks to the recovery in the student placement market and structural growth drivers. The broker explained:
We see a compelling long-term growth opportunity with a number of drivers: Structural growth in multi-destination student placement markets; supplemented by ongoing recovery in the Australian market; Ability to grow market share in highly fragmented Canadian and UK SP markets; Reinvestment in digital capabilities to increase competitive advantage and strengthen relationships with tertiary institutions and; Consolidation of IELTs business and ability to supplement organic growth with bolt-on acquisitions.
Goldman has a buy rating and $35.50 price target on its shares. This compares favorably to the current IDP Education share price of $27.69.
Treasury Wine Estates Ltd (ASX: TWE)
Another ASX growth share that has been tipped as a buy is wine giant Treasury Wine.
Morgans is a big fan of the company and believes it is well-positioned for strong growth in the coming years. This is due to its world class portfolio of brands, its recent restructuring, and its highly regarded management team. The broker also sees a lot of value in its shares at the current level.
TWE owns much loved iconic wine brands, the jewel in the crown being Penfolds. We rate its management team highly. The foundations are now in place for TWE to deliver strong earnings growth from the 2H22 over the next few years. Trading at a material discount to our valuation and other luxury brand owners, TWE is a key pick for us.
Its analysts currently have an add rating and $13.93 price target on the company’s shares. This compares to the latest Treasury Wine share price of $12.37.