If you're wanting to strengthen your portfolio with some new blue chip ASX 200 shares, then the two listed below could be great options.
Along with these blue chips, they have recently been named as buys by the team at Morgans. Here's what the broker is saying about them:
ResMed Inc (ASX: RMD)
The first blue chip ASX 200 share that Morgans rates highly is ResMed. It is a medical device company with a focus on the sleep treatment market. The broker likes ResMed due to its very positive long term growth outlook. It commented:
While we believe the next few quarters will likely be volatile, as Covid-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.
Morgans has an add rating and $37.95 price target on ResMed's shares.
Wesfarmers Ltd (ASX: WES)
Another blue chip ASX 200 share that Morgans rates highly is Wesfarmers. Morgans is a fan of the conglomerate due to its strong retail brands and highly regarded management team. The broker also sees recent weakness as an opportunity for investors to pick up shares at an attractive level. It said:
WES possesses one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks. The company is run by a highly regarded management team and the balance sheet is healthy. While COVID-related staff shortages are proving to be a challenge, the core Bunnings division (>60% of group EBIT) remains a solid performer as consumers continue to invest in their homes. We see the pullback in the share price as a good entry point for longer term investors.
Morgans has an add rating and $58.40 price target on the company's shares.
