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2 of the best blue chip ASX shares to buy today

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If you’re wanting to construct a balanced portfolio, having a few blue chip ASX shares in there could be a smart move.

This is because blue chips 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 and should allow investors to make long term investments that benefit from compounding.

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

Cochlear Limited (ASX: COH)

The first blue chip to look at is Cochlear. It is one of the world’s leading hearing solutions companies and has delivered strong sales and profit growth over the last decade.

The good news is Cochlear appears well-positioned to continue this trend over the next decade. This is thanks to its strong market position, leading technology, the industry’s high barriers to entry, and its exposure to the ageing populations tailwind.

In respect to the latter, by 2050 there are forecast to be 1.5 billion people over the aged of 65. This will be almost triple the number of over 65s in 2010 and bodes well for demand for its product portfolio.

Analysts at Macquarie are fans of the company. They have been looking into the industry and believe the company is winning market share in the United States. Macquarie has an outperform rating and $241.00 price target on its shares. This compares to the latest Cochlear share price of $182.93.

Goodman Group (ASX: GMG)

Goodman Group is an integrated commercial and industrial property group. It owns, develops, and manages industrial real estate in 17 countries.

Goodman has been growing at a solid rate over the last decade thanks to the diversity of its operations and its exposure to quick growing markets such as ecommerce. This has resulted in strong demand from blue chip customers such as Amazon, Coles Group Ltd (ASX: COL) and Walmart, which appears to have positioned Goodman for sustainable growth over the 2020s.

One broker that is positive on its growth prospects is Morgan Stanley. It has been pleased with Goodman’s development work, high occupancy rates, and the yields it is commanding. In light of this, it has an overweight rating and $20.90 price target on its shares. This compares to the current Goodman share price of $18.07.

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

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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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