Investors that are looking for some new shares to buy might want to look at the blue chips listed below.
These three blue chip ASX 200 shares have been tipped to climb notably higher from where they trade today. Here's what you have to know about them:
Goodman Group (ASX: GMG)
The first blue chip ASX 200 share that could be in the buy zone is Goodman. It is a global integrated commercial and industrial property company with a world class property portfolio. These properties have exposure to key growth markets such as ecommerce and logistics and are in high demand from tenants such as Amazon and DHL. Thanks to this strong demand and its huge development pipeline, Goodman has been tipped to continue its strong growth long into the future. Citi is one of many brokers that is positive on its future. Its analysts currently have a buy rating and $29.50 price target on its shares.
Wesfarmers Ltd (ASX: WES)
Another blue chip ASX 200 share to consider is Wesfarmers. It is the conglomerate behind brands such as Bunnings, Kmart, and Officeworks. In addition, the company owns a collection of industrial businesses and is in the process of acquiring Priceline pharmacy chain operator Australian Pharmaceutical Industries Ltd (ASX: API). While trading conditions are on the tough side in FY 2022, analysts at Morgans believe it is worth sticking with the company due to its positive long term outlook. The broker currently has an add rating and $58.50 price target on Wesfarmers' shares.
Westpac Banking Corp (ASX: WBC)
A final blue chip ASX 200 share that could be in the buy zone is Westpac. This banking giant's shares have fallen heavily over the last six months amid concerns over its margins and the viability of its cost cutting plans. The team at Morgans aren't concerned by either. The broker believes the challenges facing Westpac are not unsurmountable. As a result, it feels the recent share price weakness is a buying opportunity for investors and has put an add rating and $29.50 price target on its shares.
