Buy these ASX 200 blue chip shares for big returns

Analysts think these blue chips could be in the buy zone according to analysts.

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Having a few quality ASX 200 blue chip shares in your portfolio is usually a good idea.

But which ones could offer strong returns for investors right now?

Three that analysts are tipping to rise meaningfully from current levels are listed below. Here's what they are saying about them:

Brambles Limited (ASX: BXB)

The team at UBS thinks that Brambles could be an ASX 200 blue chip share to buy. It is a supply chain solutions company that specialises in reusable pallets, crates, and containers for shared use.

The broker was pleased with the company's performance during the first half, noting that its result was ahead of expectations. It expects the strong form to continue and for its shares to re-rate to higher multiples.

UBS has a buy rating and $17.10 price target on Brambles' shares. This implies potential upside of approximately 11.5%.

Qantas Airways Limited (ASX: QAN)

Another ASX 200 blue chip share that could have plenty of upside is Qantas.

Goldman Sachs believes that the market is undervaluing the airline operator's shares. It highlights that Qantas has materially increased its earnings capacity compared to pre-COVID times yet its shares trade on lower multiples.

Goldman has a conviction buy rating and $8.25 price target on its shares. This suggests potential upside of 50% for investors.

Xero Limited (ASX: XRO)

Goldman Sachs also believes this cloud accounting platform provider could be an ASX 200 blue chip share to buy.

This is due largely to its significant growth opportunity from a market estimated to be over 100 million small to medium sized businesses globally.

Goldman has a buy rating and $152.00 price target on its shares. This suggests potential upside of 11% from current levels.

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