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Strengthen your portfolio with these ASX 200 blue chip shares

Analysts say that these top blue chip stocks could be buys.

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James Mickleboro
James Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. This was the start of a love affair with Australian equities and he hasn't looked back since. James is part of the CFA Institute's Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. Outside of reading and researching he spends many a late night watching the English Premier League and Seinfeld reruns.
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If you want to build a strong portfolio, having a few ASX 200 blue chip shares in there could be a great starting point.

But which blue chips could be top options right now? Two that have recently been rated as buys are named below. Here's why analysts are bullish on them:

Strong woman overlooking city.

Image source: Getty Images

Cochlear Limited (ASX: COH)

The first ASX 200 blue chip share to look at is Cochlear. It is a global leader in the development, manufacture, and distribution of cochlear implantable devices for the hearing impaired.

Cochlear has been a consistently positive performer over the last decade. This has been driven by its expanding global distribution network, its investment in research and development, and growing demand due to ageing populations.

Although the pandemic hit the company hard, it has bounced back strongly in FY 2023. And looking to the future, Cochlear looks well-placed to benefit from the aforementioned ageing populations tailwind. Especially given the industry's high barriers to entry and its high quality product portfolio.

Goldman Sachs is a fan of the company. Its analysts currently have a buy rating and $265.00 price target on Cochlear's shares.

Goodman Group (ASX: GMG)

Goodman Group could be an ASX 200 blue chip share to buy. It is a leading integrated commercial and industrial property company that owns, develops, and manages industrial real estate globally.

Goodman focuses on investing in and developing high quality industrial properties in strategic locations. These are close to large urban populations and in and around major gateway cities globally. This is where demand is strong and transformational changes are driving significant opportunities.

A testament to the quality of its portfolio is its customer base. This includes the likes of Amazon, Coles Group Ltd (ASX: COL), DHL, Showpo, and Walmart.

Citi is positive on the company's future and currently has a buy rating and $24.30 price target on its shares. It believes Goodman is positioned to achieve double digit earnings growth through to at least FY 2025.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool Australia has recommended Cochlear and Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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