Brokers say these ASX 200 growth stocks could rise 50% to 70%

Do you have money to invest and room in your portfolio for some ASX 200 growth shares? If you've answered yes to both, then read on!

That's because the two shares listed below are being tipped as top buys by brokers and could generate market-beating returns over the next 12 months. Here's what they say they are worth:

Megaport Ltd (ASX: MP1)

The team at Morgans is bullish on Megaport and sees it as an ASX 200 growth share to buy.

Megaport is a leading global provider of elastic interconnection services with a footprint in over 800 data centres across the world.

Morgans believes that this leaves the company well-placed to benefit greatly from the cloud computing and artificial intelligence (AI) megatrends. Its analysts recently 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 currently has an add rating and $12.50 price target on its shares. Based on its current share price of $7.31, this implies potential upside of 70% for investors over the next 12 months.

Web Travel Group Ltd (ASX: WEB)

Over at Goldman Sachs, its analysts think that Web Travel Group could be an ASX 200 growth share for investors to buy this month.

Following the spin-off of its Webjet Group Ltd (ASX: WJL) online travel agency business, Web Travel Group is now a business to business travel company operating the WebBeds business.

Goldman Sachs is a fan of WebBeds and believes it has a significant growth opportunity. In addition, it feels that recent weakness has left the company's shares trading at an attractive level. The broker said:

WEB is the second largest Hotel Bed wholesaler globally with <10% of the global hotel wholesale market. We are Buy rated on WEB as we have confidence that WEB will be able to grow TTV in line with its FY25/30 targets of A$5bn/A$10bn respectively. In particular, we believe WEB is well placed to continue to grow in key US/APAC growth markets, though expect revenue margin to lower towards ~6.3% over time as the company expands into lower margin US/APAC markets. WEB is trading below fair value, on our estimates.

Goldman currently has a buy rating and $7.00 price target on its shares. Based on its current share price of $4.55, this implies potential upside of 53% for investors.

The post Brokers say these ASX 200 growth stocks could rise 50% to 70% appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in Megaport and Web Travel Group Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Megaport. The Motley Fool Australia has no position in any of the stocks mentioned. 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