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2 fantastic blue chip ASX shares to buy today

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If you want to construct a balanced portfolio, having a few blue chip ASX shares in there would be a smart move.

Blue chip shares tend to be companies that are well-known, long-established, and have strong financial positions. In other words, they are not going anywhere any time soon. This tends to make them safer than the average share.

Though, it is worth remembering that not all blue chip ASX shares are equal and some are better than others.

With that in mind, listed below are two ASX blue chip shares that come highly rated:

Goodman Group (ASX: GMG)

Goodman Group is an integrated commercial and industrial property group. It has been growing at a solid rate in recent years and has been tipped to continue this positive form in the years to come. This is thanks to future developments and the strength of its portfolio.

Goodman’s portfolio has a focus on high-quality properties in key locations that management believes will deliver sustainable returns for investors. These include logistics and warehouse facilities which have exposure to the growing ecommerce market through relationships with Amazon, DHL, and Walmart.

Analysts at Macquarie were impressed with Goodman’s first quarter performance and believe it is well placed for growth over the coming years. Its analysts have an outperform rating and $19.86 price target on its shares.

Sonic Healthcare Limited (ASX: SHL)

Sonic Healthcare is a leading medical diagnostics company with operations across the world. It has been a very impressive performer in FY 2021. Sonic recently released its first quarter update and revealed a 29% increase in revenue to $2,144 million and a 71% lift in EBITDA to $580 million.

The key driver of this growth was exceptionally strong demand for COVID-19 testing services globally. Though, it is worth noting that the rest of the business performed positively as well. And while this level of growth is expected to moderate in the coming quarters, Sonic has been tipped to deliver a very strong full year result next year.

Morgan Stanley, for example, is pleased with its strong growth so far in FY 2021 and remains positive on the future. In light of this, it recently reaffirmed its overweight rating and $40.40 price target on its shares.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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