2 excellent ASX 200 blue chip shares rated highly

Woolworths Limited (ASX:WOW) and this ASX 200 blue chip share could be great options for investors this week. Here’s what you need to know…

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Are you wanting to add some blue chip ASX 200 shares to your portfolio? If you are, then you might want to check out the two listed below.

These quality companies have been tipped as ones that could grow at a solid rate over the next decade, potentially generating strong returns for investors. Here’s why they are highly rated:

Sonic Healthcare Limited (ASX: SHL)

The first blue chip ASX 200 share to look at is Sonic Healthcare. It is a leading medical diagnostics company with operations across the world.

Partly due to COVID-19 testing, Sonic has been a very strong performer so far in FY 2021. During the first half, the company reported a 33% increase in revenue to $4.4 billion and a 166% jump in first half net profit to $678 million.

The good news is that COVID testing looks set to continue for some time to come, which bodes well for the company’s growth in the second half and FY 2022. After which, the rest of its business looks well-placed to benefit from a backlog in healthcare work.

In addition to this, due to its strong balance sheet, Sonic has the opportunity to accelerate its growth through acquisitions.

One broker that is particularly positive on the company is Credit Suisse. It currently has an outperform rating and $40.00 price target on the company’s shares.

Woolworths Limited (ASX: WOW)

Another blue chip ASX 200 share to consider is Woolworths. Like Sonic, this retail giant has also been performing strongly in FY 2021.

Thanks to positive performances by its BIG W, BWS, Dan Murphy’s, Woolworths supermarkets businesses, the company reported a 10.5% increase in revenue to $35.8 billion and a 15.9% increase in net profit after tax to $1,135 million.

And while its growth will moderate in the second half when it cycles the panic buying at the height of the pandemic, Woolworths remains well-placed for growth in a post-pandemic world according to Goldman Sachs.

The broker is positive on the company and retained its buy rating and $43.60 price target on its shares this morning.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool Australia has recommended Sonic Healthcare Limited. 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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