If you're looking to take advantage of the recent market weakness, then you may want to check out the two blue chips listed below.
Here's why these blue chip ASX 200 shares are highly rated right now:
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CSL Limited (ASX: CSL)
The first blue chip ASX 200 share to look at is CSL. It is a leading biotechnology with a portfolio of life-saving and lucrative therapies.
These products are generating billions in sales each year but but management isn't settling for that. Each year, the company invests in the region of 10% to 11% of its sales back into research and development activities. This ensures that CSL has a pipeline of products under development with the potential to save lives and underpin growing revenue.
CSL is also aiming to acquire Vifor Pharma in the coming months. This will bolster its portfolio and development pipeline with key renal therapies.
Analysts at Citi are confident in the company's outlook. Particularly given the "continued improvement in plasma collection and strong underlying demand." Citi has a buy rating and $335.00 price target on CSL's shares.
Wesfarmers Ltd (ASX: WES)
Another ASX 200 blue chip share that could be a top option for investors after the selloff is Wesfarmers. Even before today's probable decline, this conglomerate has seen its shares fall 27% in 2022.
That team at Morgans is likely to see this as a buying opportunity. Its analysts recently retained their add rating with a price target of $58.40.
Morgans is a fan of the company's portfolio of businesses. These include retailers such as Bunnings, Kmart, and Priceline Pharmacy, and a collection of chemicals businesses. Combined with its strong management team and equally strong balance sheet, the broker sees Wesfarmers as a great long term pick.
It commented: "We continue to see WES as a long-term, core portfolio holding with a strong mix of businesses, highly regarded management team and a healthy balance sheet."
