Commonwealth Bank of Australia (ASX: CBA) shares have been on a tear over the past 12 months.
During this time, Australia's largest bank's shares have rallied over 40%. And this doesn't include the dividends the bank has paid during this time.
While this is amazing for shareholders, the likelihood of CBA's shares repeating these heroics over the next 12 months is very low.
In light of this, investors that are looking for ASX 200 blue chip shares to buy might want to look beyond this big four bank and at other options.
Which blue chips should you buy instead of CBA shares?
The first ASX 200 blue chip share to look at is Goodman Group (ASX: GMG).
It is a global industrial property and digital infrastructure specialist company with operations in key consumer markets across Australia, New Zealand, Asia, Europe, the United Kingdom, and the Americas.
It provides essential infrastructure for the digital economy by owning, developing, and managing high-quality sustainable properties that are close to consumers in key cities around the world.
Last month, Goodman released its full year results and impressed the market with a 15% increase in operating profit to $2,049.4 million and a 14% lift in operating earnings per share to 107.5 cents. The latter was ahead of its upgraded guidance.
Citi believes more of the same is coming in FY 2025 and suspects that Goodman will outperform its guidance yet again. It then expects this strong form to continue during the medium term thanks to its development pipeline and strong yields.
Citi has a buy rating and $40.00 price target on its shares.
What else?
Another blue chip to consider ahead of CBA shares is Woolworths Limited (ASX: WOW).
It is of course the owner of the eponymous supermarket brand, as well as the Big W discount chain, a growing pet care business, and the Everyday Rewards loyalty program.
In FY 2024, Woolworths reported a 3.7% increase in normalised sales to $67,922 million and a 3% decline in normalised profit after tax before significant items to $1,711 million. However, this didn't stop the company from declaring a final dividend of 57 cents per share and a special dividend of 40 cents per share.
Goldman Sachs thinks its shares are great value right now. Particularly given its positive medium term outlook, industry leadership, and potential for market share gains thanks to its loyalty program and omni-channel advantage.
Goldman currently has a buy rating and $40.20 price target on its shares.
