The benchmark ASX 200 index is home to 200 of the largest listed companies on the Australian share market.
While not all shares on the index will necessarily be good portfolio additions (i.e. Weebit Nano Ltd ASX:WBT) ), two that could be are listed below.
These are two true blue chip stars and have been tipped to deliver strong returns for investors in 2024. They are as follows:
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CSL Limited (ASX: CSL)
The first ASX 200 blue chip share for investors to look at is biotherapeutics giant CSL.
It is arguably one of Australia's highest quality companies, developing life-saving therapies and vaccines for the global population. Among its portfolio are products such as Albumex, Privigen, Hizentra, Idelvion, and Afstyla.
But it won't stop there. CSL reinvests in the region of 12% of its sales revenue back into research and development (R&D) each year. This means the company has an R&D pipeline filled with some potentially lucrative (and life-saving) therapies and vaccines.
The team at Morgans rates the company highly. Its analysts have an add rating and $328.20 price target on its shares. This implies potential upside of almost 14% for investors from current levels.
ResMed Inc. (ASX: RMD)
Another quality ASX 200 blue chip share that is highly rated by analysts is ResMed.
It is one of the world's leading sleep treatment companies with a portfolio of products for sufferers of disorders such as sleep apnoea.
This certainly is a lucrative market to be in. The company estimates that one in five people has a sleep disorder globally, with the vast majority still undiagnosed. And while weight loss drugs could steal a share of this market, most analysts agree that there's still a huge addressable market for ResMed to grow into over the next couple of decades.
It is partly for this reason that Macquarie has an outperform rating and $33.40 price target on its shares. This suggests upside of almost 27% for investors over the next 12 months.
