Why analysts love these ASX 200 blue chip shares

A businessman lights up the fifth star in a lineup, indicating positive share price for a top performer

If you’re interested in bolstering your portfolio with some blue chip ASX 200 shares, then you may want to consider the ones listed below.

Here’s what analysts are saying about these top blue chip shares:

ResMed Inc. (ASX: RMD)

ResMed could be an ASX 200 blue chip share to buy. It is a medical device company which has a focus on sleep treatment solutions.

Over the last decade the company’s revenue and earnings have grown at a very strong rate thanks to the quality of its products and its large and growing market opportunity. Pleasingly, due to its massive market opportunity in sleep apnoea, chronic obstructive pulmonary disease (COPD), and home healthcare, ResMed looks well-placed to continue its growth long into the future.

Morgans is a fan of the company. It recently commented: “While we believe the next few quarters will likely 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.”

The broker has an add rating and $40.80 price target on ResMed’s shares.

Suncorp Group Ltd (ASX: SUN)

Another ASX 200 blue chip share to look at is Suncorp. It is one of Australia’s leading banking and insurance companies with a collection of popular brands. These include AAMI, Apia, Bingle, GIO, Shannons, Vero, and the eponymous Suncorp brand.

The team at Citi is positive on Suncorp despite concerns that its near term performance could be subdued.

Citi commented: “While we still see SUN as more of a medium term than shorter term story, our analysis suggests the current share price is a reasonable entry point even so. Largely to reflect lower impairment charges, we nudge up our FY22E EPS by 1% and retain our Buy call and A$12.80 TP.”

Citi has a buy rating and $12.80 price target on the company’s shares.

The post Why analysts love these ASX 200 blue chip shares appeared first on The Motley Fool Australia.

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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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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