If you're looking for some blue chip ASX 200 shares to buy, then the two listed below could be top options.
Here's why analysts at Morgans believes these blue chips are in the buy zone and have major upside potential over the next 12 months:
Macquarie Group Ltd (ASX: MQG)
This investment bank could be a blue chip ASX 200 share to buy right now according to analysts at Morgans. Its analysts like the bank due to its positive long term prospects thanks to its exposure to structural growth markets.
We continue to like MQG's exposure to long-term structural growth areas such as infrastructure and renewables. The company also stands to benefit from recent market volatility through its trading businesses, while the company continues to gain market share in Australia mortgages.
Morgans currently has an add rating and $215.00 price target on its shares. Based on the current Macquarie share price, this implies potential upside of 20%.
QBE Insurance Group Ltd (ASX: QBE)
Another blue chip ASX 200 share that has been tipped as a buy by the broker is insurance giant QBE. Morgans likes the company due to its exposure to rising rates and its cost reduction plans. In addition, it feels the company's shares are trading on undemanding multiples at the current level.
With strong rate increases still flowing through QBE's insurance book, and further cost-out benefits to come, we expect QBE's earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on ~14x FY22F PE.
Morgans has an add rating and $14.45 price target on the company's shares. Based on the current QBE share price, this implies potential upside of approximately 18% for investors.
