Buy these ASX 200 blue chip shares for strong returns in FY24

Brokers are tipping big returns from these blue chips over the next 12 months.

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Investors that are looking for options to bolster their portfolios in FY 2024 might want to check out the ASX 200 blue-chip shares listed below.

That's because analysts have rated them as buys and have suggested that big returns could be on offer with their shares over the next 12 months.

Here's what analysts are saying about them:

Goodman Group (ASX: GMG)

The first ASX 200 blue chip share that could be a buy for FY 2024 is Goodman.

It is an integrated commercial and industrial property company that owns a world-class portfolio of in-demand warehouses, large-scale logistics facilities, and business and office parks.

Goodman currently boasts an occupancy rate of ~99%, which has helped underpin solid like-for-like net property income growth again in FY 2023.

The good news is that Citi believes this strong earnings growth can continue for the foreseeable future thanks to strong demand and its development pipeline. It explains:

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.

Citi has a buy rating and a $24.30 price target on the company's shares. This implies a potential upside of 19.5% over the next 12 months.

Qantas Airways Limited (ASX: QAN)

Another ASX 200 blue chip share that could be a buy for FY 2024 is Qantas.

It is the flag carrier airline of Australia and the owner of the Qantas, QantasLink, and Jetstar brands, the Frequent Flyer loyalty program, and the Qantas Freight business.

Goldman Sachs is a big fan of the company. It highlights its successful post-pandemic transformation and feels its shares are undervalued based on this. The broker commented:

Notwithstanding a decline in unit revenues (and group capacity still at 96% of pre-COVID), our estimated FY24e EPS sits 65% above pre-COVID levels. Despite this, QAN's market capitalisation is 1% below pre-COVID levels (EV 14% lower). We acknowledge broader macro uncertainty at this point in the cycle, but we believe the current share price does not reflect the group's improved earnings capacity.

Goldman has a conviction buy rating and a $8.50 price target on its shares. This suggests that the Qantas share price could rise 38% over the next 12 months.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Goldman Sachs Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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