If you're interested in adding some blue chip ASX 200 shares to your portfolio, then it could be worth checking out the two listed below.
Here's why these could be ASX 200 blue chips to buy:
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ResMed Inc. (ASX: RMD)
The first blue chip ASX 200 share to look at is ResMed. It is a medical device company with a focus on the growing sleep treatment market.
ResMed has been growing at a strong rate for over a decade thanks to its industry-leading products, wide distribution network, and successful acquisitions. Pleasingly, this continued in FY 2022, with the company recently reporting a 12% increase in revenue to US$3.6 billion and an 11% lift in operating income to US$1 billion.
The team at Goldman Sachs expect this trend to continue. Its analysts "continue to see a long-duration runway of HSD organic growth for RMD" and believe its valuation "is not demanding in the context of various near/long-dated tailwinds."
Goldman has a buy rating and $36.80 price target on the company's shares.
Woolworths Group Ltd (ASX: WOW)
Another blue chip ASX 200 share to look at is Woolworths. It is of course the retail conglomerate behind the eponymous supermarket chain. In addition, Woolworths owns Big W, Countdown, and the Everyday Rewards loyalty program.
The team at Citi are very positive on the company. This is due to the belief that Woolworths is well-placed to benefit from rising inflation over the next 12 months. It also likes the company due to its defensive qualities, which could prove important if Australia falls into a recession.
As a result, the broker's estimates "are ~4% above consensus for FY23e sales and ~5% above consensus for EBIT."
Citi has a buy rating and $42.50 price target on the company's shares.
