ASX Growth Stocks to Watch: Life360 and Lovisa Named Top Picks by Brokers

December 31, 2024 11:12 AM AEDT | By Sonal Goyal

ASX Growth Stocks to Watch: Life360 and Lovisa Named Top Picks by Brokers — Image source: Shutterstock

Life360 Inc (ASX:360)

Goldman Sachs has identified Life360, a leader in location technology, as a compelling growth opportunity for investors. The company is renowned for its Life360 app, which helps families stay connected and safe. With over 70 million monthly active users (MAU) across 150 countries, Life360 has already demonstrated its global appeal.

Despite its impressive reach, Goldman Sachs believes Life360 is still in the early stages of its growth journey.

Goldman Sachs has issued a buy rating on Life360's shares with a target price of AU$25.00. This optimism is based on the app's ability to expand its subscription base and monetize advertising, creating a long-term revenue growth trajectory.

Lovisa Holdings Ltd (ASX:LOV)

Another top pick among ASX growth stocks is Lovisa, a global fashion jewelry retailer known for its trendy and affordable designs. With 150 new styles introduced weekly, the brand has carved out a niche in the fast-paced world of fashion accessories.

Morgans has praised Lovisa for its exceptional financial performance, even amid challenging economic conditions. In FY24, the company achieved 17% sales growth and 21% EBIT growth, a rare feat in the current retail environment.

Morgans has issued an "add" rating for Lovisa with a price target of AU$36.00. The broker believes the company’s consistent growth and ability to navigate a tough market make it a strong candidate for long-term investment.

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