With so many shares to choose from on the Australian share market, it can be hard to decide which ones to buy over others.
To narrow things down, I have picked out three ASX 200 shares that are highly rated by analysts. Here's what you need to know about them:
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Elders Ltd (ASX: ELD)
The first ASX 200 share to look at is Elders. It is one of Australia's largest agribusiness companies. Its outlook has become increasingly positive recently thanks to the success of its transformation plan and acquisitions. In addition, it looks well-placed to benefit from the rationalisation of the rural services industry, margin expansion opportunities, and the benefits of its large scale systems modernisation project.
Goldman Sachs is a fan of Elders. Its analysts currently have a conviction buy rating and $15.65 price target on its shares.
REA Group Limited (ASX: REA)
Another ASX 200 share to look at is REA Group. It is the dominant player in real estate listings in the Australian market. REA looks well-placed for growth in the coming years thanks to its new revenue streams, acquisitions, price increases, its international operations, and strong market position in Australia. In respect to the latter, with its recent half year results, management advised that a record 13.2 million people visited its local site in October. This is the equivalent of 65% of Australia's adult population. Furthermore, on average, there are 3.3x more visits than the nearest competitor each month.
Goldman Sachs remains very positive on REA Group. Its analysts currently have a buy rating and $167.00 price target on its shares.
ResMed Inc. (ASX: RMD)
A final ASX 200 share to look at is ResMed. It is a sleep treatment focused medical device company which has been growing at a consistently solid rate over the last decade. Pleasingly, the next decade looks just as positive for ResMed. This is thanks to its world class products, significant market opportunity, and the growing prevalence of sleep disorders. In addition, the company's near term performance is being boosted by a major product recall (5.2m CPAP devices) from Philips.
Morgans is positive on the company and has an add rating and $40.46 price target on its shares.
