ASX blue chip shares: The best of the best for February 2024

These top stocks are strong buys according to analysts.

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There are plenty of established ASX blue chip shares to choose from on the Australian share market.

But which ones could be buys in February?

Let's take a look at three that could be among the best options on the market right now. They are as follows:

CSL Ltd (ASX: CSL)

The team at Morgans has this biotherapeutics giant's shares on its best ideas list this month.

The broker has an add rating and $315.40 price target on the blue chip. It commented:

While shares have struggled of late, we continue to view CSL as a key portfolio holding and sector pick, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares trading at 25x, a substantial discount (20%) to its long-term average.

ResMed Inc. (ASX: RMD)

Analysts at Bell Potter think that this sleep treatment focused medical device company is an ASX blue chip share to buy.

The broker has ResMed on its favoured list for February with a buy rating and $34.00 price target. It said:

The market for OSA and chronic obstructive pulmonary disease (COPD) remains under penetrated, and we expect industry volume growth to continue in the 6-8% range for the foreseeable future. In this regard, the competitive dynamics are very much in favour of RMD due to the Philips recall and improving semiconductor availability.

Woolworths Group Ltd (ASX: WOW)

Finally, Goldman Sachs has this ASX blue chip share on its coveted conviction list this month.

The broker has a conviction buy rating and $42.30 price target on the supermarket giant's shares. It explains:

We are Buy rated on the stock as we believe the business has among the highest consumer stickiness and loyalty among peers, and hence has strong ability to drive market share gains via its omni-channel advantage, as well as pass through any cost inflation to protect its margins, beyond market expectations. The stock is trading below its historical average (since 2018), and we see this as a value entry level for a high-quality and defensive stock.

Motley Fool contributor James Mickleboro has positions in CSL and ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goldman Sachs Group, and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended CSL. 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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