If you have room in your portfolio for some new additions, then it could be worth considering the two ASX 200 shares listed below that Goldman Sachs is bullish on.
Here's why the broker has a buy rating on these shares this week:
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Corporate Travel Management Ltd (ASX: CTD)
The first ASX 200 share that could be a buy according to the broker is Corporate Travel Management.
Goldman Sachs has responded positively to this corporate travel specialist's first-quarter update. It highlights that "CTD reported its 1Q24 trading update today and reiterated that it is on-track to achieve FY24 consensus across Revenue and Underlying EBITDA."
In light of this, the broker has reiterated its buy rating and $20.50 price target on its shares. This implies a 20% upside from current levels. It adds:
We reiterate Buy on CTD largely due to continued recovery in Travel (albeit recent channel checks suggest slightly slower in corporate travel), and the added industry penetration and concentration to SME travel management, which is CTD's key business focus.
Reliance Worldwide Corporation Ltd (ASX: RWC)
Another ASX 200 share that gets the thumbs up from Goldman Sachs this week is plumbing parts company Reliance Worldwide.
Goldman believes the company's shares are cheap at current levels and has reiterated its buy rating and $4.35 price target on them. This suggests a potential upside of 24% for investors over the next 12 months. It commented:
Although there are increasing headwinds facing the housing industry (through increased mortgage rates and concerns around affordability), there are also mitigating factors, predominantly the undersupply of homes built since the GFC. We believe RWC has been oversold, with its share price decline suggesting greater sensitivity to mortgage rates than RWC's relatively defensive exposures warrant.
