Morgans says these are among the best blue chip ASX 200 shares you can buy

There are plenty of blue chip ASX 200 shares to choose from on the Australian share market.

But three of the best to buy in April, according to analysts at Morgans, are named below. Here’s why the broker is bullish on these blue chip shares:

CSL Limited (ASX: CSL)

The first blue chip ASX 200 share to look at is CSL. Morgans believes the biotherapeutics giant should be considered a key portfolio holding. Particularly this year, with the headwinds of COVID-19 firmly behind the company. The broker explains:

A key portfolio holding and key sector pick, we believe CSL is poised to break-out this year, a COVID exit trade, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares offering good value trading around its long-term forward multiple of ~30x

Morgans has an add rating and $337.92 price target on the company’s shares.

Endeavour Group Ltd (ASX: EDV)

Another blue chip ASX 200 share that could be a buy according to Morgans is drinks company Endeavour. Its analysts are very positive on the company’s outlook thanks to its market leadership and easing regulatory concerns. It commented:

We believe concerns around gaming regulatory changes with the potential introduction of cashless gaming cards in NSW have eased following the Labor election victory given the party’s stance on the issue was less onerous than the Liberals. Notwithstanding external factors, EDV’s underlying business remains strong with a broad network of retail liquor stores/hotel venues, well-known brands (eg, Dan Murphy’s and BWS) and dominant market positions.

The broker has an add rating and $7.80 price target on Endeavour’s shares.

QBE Insurance (ASX: QBE)

Morgans also has this ASX 200 blue chip share on its best ideas list again this month. The broker is a fan of the insurance giant due to premium increases, cost outs, and its attractive valuation. It commented:

With strong rate increases still flowing through QBE’s insurance book, and further cost-out benefits to come, we expect QBE’s earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on 9x FY23F PE

Its analysts have an add rating and $16.96 price target on QBE’s shares.

The post Morgans says these are among the best blue chip ASX 200 shares you can buy appeared first on The Motley Fool Australia.

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More reading

• If I’d invested $1,000 in CSL shares 24 years ago, here’s how much I’d have now!
• Why did the CSL share price lag the ASX 200 in the first quarter of 2023?
• Build your portfolio around these ASX 200 blue chip shares: brokers
• Top defensive ASX shares to buy in April 2023
• Top brokers name 3 ASX shares to buy next week

Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has no position in any of the stocks mentioned. 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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