2 buy-rated ASX 200 blue chip shares for investors in August

Check out these ASX shares if you're looking for blue chips to buy…

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If you're wanting to construct a balanced portfolio, having a few blue chip ASX 200 shares in there could be a smart move.

But which blue chip ASX 200 shares should you buy? Two that could be in the buy zone are listed below:

REA Group Limited (ASX: REA)

The first blue chip ASX 200 share to look at is this online property listings company.

It is arguably one of the most resilient companies on the Australian share market. Despite battling a mini housing market crash, tighter lending rules, and the pandemic over the last few years, REA Group has still managed to deliver solid earnings growth.

So with the wind now firmly in its sails, things are looking particularly positive for the realestate.com.au operator. Especially given prices increases, new revenue streams, and recent acquisitions.

Goldman Sachs is very positive on the company's outlook. So much so, it recently retained its buy rating and lifted its price target to $198.00. This compares to the latest REA Group share price of $165.92.

Telstra Corporation Ltd (ASX: TLS)

A second blue chip ASX 200 share to consider is Telstra.

This telco giant has battled through a tough decade but is now seeing light at the end of the tunnel. And that light is getting brighter each quarter.

In fact, after years of earnings declines and dividend cuts, the word "growth" is being uttered by management. Not only that, Telstra's CEO Andy Penn is even looking for mid to high single digit operating earnings growth next year.

Back in February, Mr Penn said: "I've set an aspiration for mid to high single-digit growth in underlying EBITDA in FY22 and $7.5 to $8.5 billion of underlying EBITDA in FY23. I am confident we can deliver this if we remain focused."

In addition to this, Telstra is looking to unlock value by monetising assets and splitting into three separate entities. This is expected to lead to capital returns for shareholders in the near future.

Ord Minnett sees a lot of value in the Telstra share price. It currently has a buy rating and $4.25 price target on the blue chip ASX 200 share. This compares to the latest Telstra share price of $3.76.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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