2 of the best ASX 200 blue chip shares to buy: Morgans

These blue chips could give your portfolio a boost.

| More on:
three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.

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 for ASX 200 blue chip shares to buy, then Morgans has you covered.

Among its best ideas for May are a couple of quality blue chip shares. Here's why the broker rates them highly:

ResMed Inc. (ASX: RMD)

Morgans has this sleep treatment company on its best ideas list again this month. The broker has an add rating and $37.80 price target on the blue chip share. This compares to the current ResMed share price of $34.51.

The broker believes ResMed is well-placed for long-term growth thanks to rising sleep apnoea volumes and its growing digital business. It explains:

While we expect the next few quarters to be volatile as COVID-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.

Wesfarmers Ltd (ASX: WES)

Thanks to its focus on value and the tough economic environment, Morgans believes Wesfarmers is an ASX 200 blue chip share to buy. Particularly given its highly rated management team and strong balance sheet.

Morgans currently has an add rating and $55.50 price target on its shares. This compares to the latest Wesfarmers share price of $51.52. The broker commented:

WES possesses one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks. The company is run by a highly regarded management team and the balance sheet is healthy. We believe WES's businesses, which have a strong focus on value, remain well-placed for growth despite softening macro-economic conditions.

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 »