Investors that are looking for some new shares to buy may want to look at the ones listed below.
While these three ASX 200 shares are from different areas of the market, one thing they have in common is that they have been tipped to climb higher from here.
Here's what you have to know about them:
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Goodman Group (ASX: GMG)
The first ASX 200 share that could be in the buy zone is Goodman. It is a global integrated commercial and industrial property company with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil. Goodman has a world class portfolio of properties which have exposure to key growth markets such as ecommerce and logistics. Given the strong demand it is experiencing and its huge development pipeline, Citi believes it is well-placed for growth over the coming years.
Its analysts currently have a buy rating and $29.50 price target on its shares. This implies potential upside of almost 33% for investors.
ResMed Inc. (ASX: RMD)
Another ASX 200 share to look at is ResMed. It is a medical device company with a focus on the sleep treatment market. ResMed has been a very strong performer over the last decade and looks well-placed to continue this strong form over the next decade. This is thanks to its world class products, significant market opportunity, and the growing prevalence of sleep disorders. Its near term performance is also being boosted by a 5.2 million CPAP device recall from Philips.
Morgans is a fan of the company and has an add rating and $40.46 price target on ResMed's shares. This suggests potential upside of 23% over the next 12 months.
Westpac Banking Corp (ASX: WBC)
A final ASX 200 share to look at is Westpac. This banking giant's shares are down notably from their highs. This has been driven by concerns about its margins and cost cutting plans. However, the team at Morgans believe the challenges facing Westpac are not unsurmountable. As a result, it doesn't believe its shares should be priced like a value trap and feels its recent update should alleviate concerns over its cost outlook.
The broker has an add rating and $29.50 price target on its shares. This implies potential upside of almost 30% for investors over the next 12 months.
