3 explosive ASX growth shares to buy now

If you have room in your investment portfolio for some new ASX growth shares in December, then it could be worth checking out the three listed below.

That's because they have all been named as buys by brokers. Here's what you need to know about these explosive growth shares:

Life360 Inc (ASX: 360)

The team at Goldman Sachs continues to see Life360 as an ASX growth share to buy.

It is the location technology company behind the hugely popular Life360 app. At the last count, there were over 70 million monthly active users (MAU) across more than 150 countries using this app to keep their family safe.

Goldman Sachs believes the company has a very bright future. It said:

We believe Life360 remains in the early stages of its multi-year revenue growth opportunity, with subscription growth momentum continuing at scale in the US and internationally, as well as a new high-margin revenue stream in advertising.

Goldman has a buy rating and $25.00 price target on Life360's shares.

Light & Wonder Inc. (ASX: LNW)

Over at Morgans, its analysts believe that this leading global cross platform games company could be an ASX growth share to buy.

The broker feels that its shares are undervalued at current levels. Especially given its potential to be a multi-year compounder. It said:

Light & Wonder has a solid track record of delivering and in our opinion has the potential to be a multi-year compounder. It boasts top-tier game developers, including much of the team behind Aristocrat's standout growth in the 2010s. Light & Wonder is busy buying back stock as it believes the share price undervalues the business. We agree and regard the discount to Aristocrat on which Light & Wonder trades as unwarranted.

Morgans currently has an rating and $180.00 price target on the company's shares.

Megaport Ltd (ASX: MP1)

A third ASX growth share that is rated as a buy by brokers is Megaport.

It is a leading global provider of elastic interconnection services. The company has been growing at a quick rate in recent years thanks to the cloud computing and artificial intelligence (AI) boom.

The team at Morgans believes there's plenty more to come from Megaport. It said:

Megaport is a global cloud connection network and the leading Network as a Service provider. It operates the largest data centre connection business in the world, connecting to 850 data centres through a fully automated, on-demand telco network. We think it is uniquely placed to help business move data globally and benefit from the growth of data related to both cloud computing and AI.

The broker has an add rating and $12.50 price target on its shares.

The post 3 explosive ASX growth shares to buy now appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in Life360 and Megaport. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Life360, Light & Wonder, and Megaport. The Motley Fool Australia has recommended Light & Wonder. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2024