Do you have room in your portfolio for some new ASX shares? If you do, then it could be worth checking out the three listed below. They have all been named as buys and tipped to generate strong returns over the next 12 months. Here's what you need to know: The first ASX share that could be a buy is fashion jewellery retailer Lovisa.
Morgans is feeling very positive about the company's outlook and sees it as a great long-term pick due to its global expansion plans. In fact, the broker has previously suggested that "LOV may just prove to be one of the biggest success stories in Australian retail. LOV is showing every sign of becoming a global brand.
" Morgans has an add rating and $35.00 price target on its shares. This implies potential upside of 9% for investors from current levels.
It also expects a ~2.6% to sweeten the deal further. Another ASX share that could deliver big returns for investors is NextDC.
It provides colocation services to local and international organisations from its growing collection of world-class Tier III and Tier IV data centre facilities across Australia and the Asia-Pacific. It has been growing at a rapid rate for many years thanks to the insatiable demand for data centre capacity due to the shift to the cloud. The good news is that the artificial intelligence boom is expected drive a third wave of demand.
This bodes well for NextDC's growth over the next decade. ( ) Finally, the team at UBS believes that WiseTech Global could be an ASX share to buy.