Looking for blue chip shares to buy? If you are, check out the ASX 200 shares listed below that have recently been named as buys and tipped to have meaningful upside potential.
Here's what you need to know about these ASX 200 blue chip shares:
SEEK Limited (ASX: SEK)
The first blue chip ASX 200 share that has been named as a buy is Seek. As well as being the online job listing leader in Australia, it operates an online employment classifieds platform across several countries.
The team Morgans is very positive on the company and believe it is well-placed to build on FY 2022's strong performance. Its analysts commented:
Of the classifieds players, we continue to see SEEK as the one with the most relative upside, a view that's based on the sustained listings growth we've seen over the period. The tailwinds that have driven elevated job ads (~250k currently, +35% on pcp) and strong FY22 result appear to still remain in place, i.e. subdued migration, candidate scarcity and the drive for greater employee flexibility. With businesses looking to grow headcount in the coming months and job mobility at historically high levels according to the RBA, we see these favourable operating conditions driving increased reliance on SEEK's products.
Morgans has an add rating and $29.40 price target on its shares.
Treasury Wine Estates Ltd (ASX: TWE)
Another blue chip ASX 200 share that could be a buy is Treasury Wine. It is the wine giant behind popular brands including 19 Crimes, Penfolds, and Wolf Blass.
The last few years have been very tricky for Treasury Wine. As well as battling the COVID pandemic, the company was effectively kicked out of the massive China market and forced to find a new destination for its premium wines. The good news is that this has been successful.
So much so, the team at Goldman Sachs believe the company is back on course to deliver strong earnings growth in the coming years. It explained:
With proven redirection of Penfolds China volumes as well as refocusing Treasury Americas on premium/luxury, TWE is now re-entering a growth phase with a more diverse and defensive business. We have increased our FY23-25e sales and NPAT by 1%-5% and 5%-13% and now expect the company to deliver ~16% NPAT 2022-25e CAGR. The company is trading at a 12m forward P/E of 22.6x, vs our TP implied P/E of 26.3x.
Goldman has a buy rating and $14.70 price target on the company's shares.
