If you’re looking for tech shares, then look no further. Listed below are two ASX shares which have been tipped for strong growth in the future.
Here’s why analysts have rated them as buys:
Hipages Group Holdings Ltd (ASX: HPG)
The first ASX tech share to look at is Hipages. This leading Australian-based online platform and software as a service (SaaS) provider connects consumers with over 30,000 trusted tradies (and growing). It also provides tradies with the Tradiecore app, which is designed to ease the burden of everyday admin for trade businesses.
And while the first half of FY 2022 was disappointing due to the impact of lockdowns on its tradie subscriptions, Goldman Sachs remains positive and expects a big improvement in the second half.
It commented: “Despite near term volatility, nothing in this result changes our positive view on HPG: we believe HPG presents a compelling long term growth opportunity as it scales to become the leading trade services marketplace in Australia.”
The broker currently has a buy rating and $3.60 price target on its shares.
Another tech share that could be a buy is NEXTDC. It is a leading data centre operator which appears well-placed to benefit from the structural shift to the cloud thanks to its world class network of centres and expansion into Asia and edge centres. Citi certainly expects this to be the case and is forecasting strong growth over the coming years.
The broker said: “NXT delivered a strong result with increasing utilisation of Gen 2 assets driving solid revenue growth and margin expansion, while revenue metrics improved HoH (revenue per MW up 7% HoH). While the current backlog underpins FY23e earnings, we have lowered our forecasts to reflect a slower ramp and conversion of the pipeline. We maintain our Buy call and see the conversion of Hyperscale customer commitments in Sydney and Melbourne as the next key catalyst.”
Citi has a buy rating and $14.55 price target on NEXTDC’s shares.
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