If you're wanting to bolster your portfolio with some ASX 200 blue chip shares, you may want to look at the two listed below.
Both have recently been named as buys by Morgans. Here's why they could be the blue chip shares to buy this month:
Macquarie Group Ltd (ASX: MQG)
The first blue chip ASX 200 share that Morgans rates as a buy is Macquarie.
It is a global provider of banking, financial, advisory, investment, and fund management services,
Morgans is a fan of the company due to its exposure to a number of long term structural growth areas and its ongoing market share gains in Australian mortgages. It explained:
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 it continues to gain market share in Australian mortgages.
Morgans has an add rating and $215.00 price target on Macquarie's shares.
Wesfarmers Ltd (ASX: WES)
Another blue chip ASX 200 share that Morgans rates highly is Wesfarmers.
It is the conglomerate behind a diverse range of high quality businesses operating in supermarkets, department stores, home improvements, office supplies, pharmacies, resources, chemicals, energy and fertilisers, and industrials and safety products.
Morgans likes the company due to its strong brands and its highly regarded management team. It also feels that recent weakness has created a buying opportunity for investors. The broker explained:
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.
Its analysts currently have an add rating and $55.60 price target on its shares.
