If history has taught us anything in the world of investing, it is that time in the market can be far more powerful than timing the market.
And sometimes, the best opportunities are those that seem obvious in hindsight.
When we look back a decade from now, there's a strong chance we will wish we had bought the buy-rated ASX growth shares in this article.
The first ASX growth share that could be a strong buy is Pro Medicus. It is medical imaging software company that has been growing at a rapid rate for many years.
This has been driven by increasing demand for the company's flagship product, Visage 7, from top US hospitals. It is leaps and bounds ahead of the competition and enhancing the efficiency of radiologists through advanced imaging capabilities.
Goldman Sachs is bullish on Pro Medicus and has a buy rating and $309.00 price target on its shares. It notes that "PME is benefiting from an industry network effect as more hospitals move to modern systems. PME is expanding into adjacent solutions including AI and Cardiology which could provide significant upside given we believe PME is the incumbent technology leader in radiology, and is well-placed to take share in both markets."
Another ASX growth share that could be well-placed for long term growth is WiseTech Global. It is a logistics software provider that has also been growing at a rapid rate for a number of years.
Its flagship platform, CargoWise, is used by freight forwarders and logistics providers worldwide to manage complex supply chain operations. And with supply chains becoming more intricate, regulation heavier, and efficiency a top priority, demand for its technology is only getting stronger.
In addition, the company has a history of expanding its global presence through strategic acquisitions. This includes recently announcing the US$2.1 billion purchase of US-based E2open. This acquisition is expected to enhance WiseTech's supply chain capabilities and broaden its customer base.
Morgans is very positive on the company's outlook. So much so, it recently put an add rating and $132.40 price target on its shares.
A final ASX growth share that you may wish you'd bought in 10 years is Xero. It is a cloud-based accounting software company that has 4.4 million subscribers globally.
The good news is that while this is a large number, it is only a fraction of a total addressable market (TAM) estimated to be 100 million small to medium sized businesses.
It is partly for this reason that Goldman Sachs is so bullish on the ASX growth share. It has a buy rating and $205.00 price target on its shares. Morgan Stanley sees even more upside with its overweight rating and $220.00 price target.
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