The Australian share market is home to a large number of blue chip ASX 200 shares.
But which ones are buys? To narrow things down, let's take a look at three blue chips that brokers are bullish on right now. They are as follows:
Goodman Group (ASX: GMG)
The first blue chip ASX 200 share that could be a buy according to brokers is Goodman Group.
It is one of the world's leading integrated commercial and industrial property companies. It owns a world-class portfolio of high-demand properties in key growth sectors such as data centres, e-commerce, and logistics.
Goodman's strategic focus has driven strong earnings growth over the years. The good news is that analysts at Citi believe this trend can continue over the medium term.
It is because of this that the broker recently put a buy rating and $40.00 price target on its shares. Based on the current Goodman share price of $32.11, this implies potential upside of 25% for investors over the next 12 months.
James Hardie Industries plc (ASX: JHX)
Another blue chip ASX 200 share that could be a buy right now is James Hardie.
It manufactures and sells fibre cement, fibre gypsum, and cement-bonded building products for interior and exterior building construction applications.
The team at Bell Potter is feeling positive about the building materials company. Its analysts believe the structural shift towards fibre cement in the United States will support a multi-year runway for revenue and profit growth.
Bell Potter currently has a buy rating and $63.00 price target on its shares. Based on its current share price of $36.11, this suggests that upside of approximately 75% is possible for investors.
ResMed Inc. (ASX: RMD)
Over at Goldman Sachs, its analysts think that sleep disorder treatment company ResMed could be a top blue chip ASX 200 share to buy.
The broker likes ResMed due to the positive outlook for Continuous Airway Pressure Therapy (CPAP) patient growth. It notes that is being assisted by growing awareness on sleep apnoea.
In addition, the broker highlights that it believes ResMed is well-placed to build on its number one global position and make further market share gains. Together with operating margin expansion, Goldman is forecasting strong earnings growth in the coming years.
Goldman Sachs currently has a conviction buy rating and $49.30 price target on its shares. Based on its current share price of $38.65, this implies potential upside of almost 28% over the next 12 months.
