If you’re interested in adding some S&P/ASX 200 Index (ASX: XJO) shares to your portfolio, then the three listed below could be top options.
These ASX 200 shares have been named as buys with meaningful upside potential. Here’s what you need to know about them:
Seek Limited (ASX: SEK)
The first ASX 200 share that could be a buy is this leading job listings company. Seek appears well-positioned for growth thanks to its leadership position in the ANZ market, strong pricing power, and exposure to the region’s recovery from the COVID-19 pandemic.
Morgan Stanley is a fan of Seek. Its analysts currently have an overweight rating and $36.00 price target on its shares. It expects Seek to benefit from the tight labour market and higher than normal rates of job churn.
TechnologyOne Ltd (ASX: TNE)
Another ASX 200 share to look at is enterprise software provider TechnologyOne. It is currently transitioning to become a software-as-a-service (SaaS) focused business. Pleasingly, management has a lot of confidence in the transition and is aiming to almost double its annual recurring revenue (ARR) to $500 million by FY 2026.
The team at Goldman Sachs is very positive on Technology One. So much so, this week the broker initiated coverage on the company’s shares with a buy rating and $14.00 price target. Goldman believes the risks are to the upside for TechnologyOne’s ARR target.
Westpac Banking Corp (ASX: WBC)
A final ASX 200 share that could be in the buy zone is Westpac. Australia’s oldest bank has seen its shares underperform peers materially over the last six months. This is unwarranted according to analysts at Morgans, which see “considerable value” in the bank’s shares. Especially given its “expectation of significant cost out by FY24F.”
Morgans has an add rating and $29.50 price target on the bank’s shares.