The Australian share market may have closed the week at a record high, but that doesn't mean there are big potential returns still on offer from ASX growth shares.

For example, the three ASX growth shares listed below could rise strongly from current levels according to analysts. Here's what they say they are worth:

Megaport Ltd (ASX: MP1)

The first ASX growth share that could give your investment portfolio a big boost is Megaport. It is a leading global provider of elastic interconnection services.

Megaport has been growing at a rapid rate in recent years thanks to the cloud computing boom. Goldman Sachs believes this can continue for the foreseeable future thanks to "strong structural tailwinds from the adoption of public cloud including multi-cloud usage and the transition towards NaaS technologies."

Goldman has a buy rating and $12.00 price target on its shares. Based on its current share price of $7.28, this implies potential upside of 65% for investors.

Temple & Webster Group Ltd (ASX: TPW)

Another ASX growth share that analysts are tipping as a buy is Temple & Webster. It is Australia's leading pureplay online furniture and homewares retailer with annual sales of $498 million from its 1.1 million active customers.

And with the structural shift to online shopping in the furniture and homewares market still in its early days, the future looks bright for Temple & Webster.

It is partly for this reason that the company is Citi's top pick in the online retail space right now. Earlier this month, the broker put a buy rating and $13.50 price target on its shares. This suggests that upside of 14% is possible for investors from current levels.

Tyro Payments Ltd (ASX: TYR)

Analysts at Morgans think the market is undervaluing Tyro's shares and is tipping it as an ASX growth share to buy. It is a payments company powering more than 71,000 merchants across Australia with instore, online, and on-the-go payment solutions.

The broker believes that better than expected margins are going to drive strong earnings growth in the coming years. It notes that its recent "result demonstrated improved profitability through the benefits of TYR's pricing transformation program, and efficiency improvements. We increase our TYR FY25F/FY26F EPS by +15%-25% on improved EBITDA margin assumptions and lower D&A forecasts."

Morgans currently has an add rating and $1.63 price target on its shares. This implies potential upside of 68% for investors from current levels.