If you're looking for some new portfolio additions in July, then it could be worth looking at the ASX 200 blue-chip shares listed below that have recently been named as buys.
Here's why brokers are positive on these top shares:
Goodman Group (ASX: GMG)
The team at Citi believes that Goodman Group could be an ASX 200 blue chip share to buy.
It is an integrated industrial property company with a world-class portfolio of assets across the globe. It also has a development pipeline filled to the brim with properties that are likely to support its growth for the foreseeable future.
It is partly for this reason that Citi believes Goodman is well-positioned to deliver solid earnings growth for the foreseeable future. It said:
We see potential for GMG to generate consistent high-single to low-double digit earnings growth over the medium term driven by rental upside and longer term development projects, which will add to management and development earnings. The stock currently trades at c. 19x FY24e, below global industrial peers, despite having higher earnings growth and lower leverage. We therefore see upside to the share price and retain Buy.
Citi has a buy rating and a $24.30 price target on its shares.
ResMed Inc. (ASX: RMD)
Another ASX 200 blue-chip share that could be a buy in July is ResMed.
It is a healthcare company involved in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders including sleep-disordered breathing, chronic obstructive pulmonary disease, (COPD), neuromuscular disease, and other chronic diseases.
Goldman Sachs is a fan of the company and sees a lot of value in its shares at current levels. The broker explains:
We continue to see a long-duration runway of HSD organic growth for RMD, and we believe valuations (PE: 31.4x / EV/EBITDA: 22.0x) both c.6% below 5-year averages and growth-adjusted valuation of 2.6x (sector 2.4x) are not demanding in the context of various near/long-dated tailwinds.
Goldman has a buy rating and a $39.60 price target on the company's shares.
