There are a good number of blue chip ASX shares for investors to choose from on the Australian share market.
In order to narrow things down, I have picked out two that are rated as buys. Here's what you need to know about them:
CSL Limited (ASX: CSL)
CSL is one of the world's leading biotechnology companies. It manufactures and develops a portfolio of leading therapies and vaccines. This includes flu vaccines, immunoglobulins, and countless other plasma-based products.
Given its reliance on plasma for many of its products, the company has built a wide-reaching plasma collection network. And while this network is currently experiencing difficulties because of COVID-19, collections are expected to rebound strongly once the pandemic passes.
In light of this, the weakness in the CSL share price due to concerns about its collections appears to be a buying opportunity.
That's the view of analysts at Morgans and Citi. This week both brokers have upgraded CSL's shares to the equivalent of buy ratings. Morgans has a $301.10 price target and Citi has a $310.00 price target. This compares very favourably to the latest CSL share price of $253.90.
Goodman Group (ASX: GMG)
Another blue chip ASX share to look at is Goodman Group. It is an integrated commercial and industrial property group that owns, develops, and manages industrial real estate across the world.
It has been a strong performer over the last few years thanks to its expertly curated portfolio of properties. This includes properties with exposure to in-demand sectors such as e-commerce and data centres.
This led to Goodman recently releasing a strong half year result. For the six months ended 31 December, it reported a 16% increase in operating profit to $614.9 million. This was driven by a combination of new developments, strong demand, and like-for-like net property income growth.
One broker that was pleased with its result was Macquarie. In response to the release, it upgraded Goodman's shares to an outperform rating with an improved price target of $20.39. This compares to the latest Goodman share price of $16.44.
