These ASX 200 blue chip shares could rise 10% to 30%

Analysts are tipping these blue chips to deliver big returns.

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Having a few blue chip ASX 200 shares in your portfolio can be a good thing.

Especially given how blue chips are usually lower-risk options due to their strong and established business models, experienced management teams, and robust cash flows.

But which blue chips could be top options for investors in May? Five that brokers have named as buys recently are listed below. Here's what sort of returns could be on the cards for investors buying at today's prices:

CSL Ltd (ASX: CSL)

The first ASX 200 blue chip share for investors to look at is biotechnology giant CSL.

The team at UBS is feeling very bullish on the company's outlook and thinks its shares are great value at currentl levels. It has a buy rating and a $330.00 price target on its shares. This implies a potential upside of 18% from where they trade today.

Flight Centre Travel Group Ltd (ASX: FLT)

Another ASX 200 blue chip share that could be a buy is Flight Centre. It is a travel agent giant with operations across the world.

Morgans thinks its shares are seriously undervalued and has named it on its best ideas list. The broker has an add rating and a $27.27 price target on its shares. This suggests a potential upside of 32% over the next 12 months.

Goodman Group (ASX: GMG)

This integrated industrial property company could be an ASX 200 blue-chip share to buy in May, especially given its recent quarterly update, which revealed another guidance upgrade for FY 2024. The insatiable demand for industrial property is driving this.

Morgan Stanley responded very positively and put an overweight rating and $36.65 price target on its shares. This implies potential upside of almost 10% for investors from current levels.

Qantas Airways Limited (ASX: QAN)

The team at Goldman Sachs thinks that this airline operator's shares are undervalued despite a recent rebound. This is especially the case given its structurally stronger earnings following a post-COVID transformation.

The broker has a buy rating and a $8.05 price target on its shares. This would mean approximately 30% upside for investors over the next 12 months.

Treasury Wine Estates Ltd (ASX: TWE)

Finally, this wine giant could be an ASX 200 blue chip share to buy right now. Especially given that China has just removed its tariffs from Australian wine. This opens up the lucrative market to Treasury Wine's popular brands again.

This news went down well with analysts at UBS. So much so, they believe the company's shares now deserve to trade on higher multiples. The broker has a buy rating and $15.25 price target on them, which suggests that upside of 32% is possible over the next 12 months.

Motley Fool contributor James Mickleboro has positions in CSL and Treasury Wine Estates. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goldman Sachs Group, and Goodman Group. The Motley Fool Australia has recommended CSL, Flight Centre Travel Group, Goodman Group, and Treasury Wine Estates. 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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