Should you buy these top blue chip ASX 200 shares after the market selloff?

These blue chip ASX 200 shares could be buys after the selloff…

| More on:
Three people in a corporate office pour over a tablet, ready to invest.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're looking to take advantage of the recent market weakness, then you may want to check out the two blue chips listed below.

Here's why these blue chip ASX 200 shares are highly rated right now:

CSL Limited (ASX: CSL)

The first blue chip ASX 200 share to look at is CSL. It is a leading biotechnology with a portfolio of life-saving and lucrative therapies.

These products are generating billions in sales each year but but management isn't settling for that. Each year, the company invests in the region of 10% to 11% of its sales back into research and development activities. This ensures that CSL has a pipeline of products under development with the potential to save lives and underpin growing revenue.

CSL is also aiming to acquire Vifor Pharma in the coming months. This will bolster its portfolio and development pipeline with key renal therapies.

Analysts at Citi are confident in the company's outlook. Particularly given the "continued improvement in plasma collection and strong underlying demand." Citi has a buy rating and $335.00 price target on CSL's shares.

Wesfarmers Ltd (ASX: WES)

Another ASX 200 blue chip share that could be a top option for investors after the selloff is Wesfarmers. Even before today's probable decline, this conglomerate has seen its shares fall 27% in 2022.

That team at Morgans is likely to see this as a buying opportunity. Its analysts recently retained their add rating with a price target of $58.40.

Morgans is a fan of the company's portfolio of businesses. These include retailers such as Bunnings, Kmart, and Priceline Pharmacy, and a collection of chemicals businesses. Combined with its strong management team and equally strong balance sheet, the broker sees Wesfarmers as a great long term pick.

It commented: "We continue to see WES as a long-term, core portfolio holding with a strong mix of businesses, highly regarded management team and a healthy balance sheet."

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 positions in and has recommended CSL Ltd. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Blue Chip Shares

A business woman flexes her muscles overlooking a city scape below.
Blue Chip Shares

Brokers name 2 strong ASX 200 shares to buy now

These shares are among the top picks on the benchmark ASX 200 index according to analysts.

Read more »

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Blue Chip Shares

Up 47% in a year: This blue chip ASX 200 stock can keep rising

Bell Potter is feeling bullish about this stock. But why?

Read more »

A man looking at his laptop and thinking.
Blue Chip Shares

Should you buy Coles and Mineral Resources shares this month?

Are these blue chips buys? Let's see what Bell Potter is saying about them.

Read more »

Happy man working on his laptop.
Blue Chip Shares

These big ASX 200 blue chip shares could rise 20% to 50%

Analysts think these blue chips could be cheap at current levels.

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Blue Chip Shares

Why this ASX 200 share is one of the 'highest-quality names'

Goldman Sachs is a huge fan of this blue chip. But why?

Read more »

A fit man flexes his muscles, indicating a positive share price movement on the ASX market
Blue Chip Shares

4 ASX 200 blue chip shares to buy for a strong portfolio

Looking for strong shares to buy? Here are four that analysts rate as buys.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Blue Chip Shares

2 ASX shares I think are a safe buy in October

Analysts think these strong blue chip shares are top buys for investors right now.

Read more »

Hand holding Australian dollar (AUD) bills, symbolising ex dividend day. Passive income.
Blue Chip Shares

Top Australian stocks to buy with $3,000 right now

Brokers think these shares would be great destinations for an investment.

Read more »