Blue chip shares are the backbone of the ASX 200. They're big, established businesses with reliable earnings and strong market positions.
While they may not always deliver explosive short-term gains, they can provide investors with stability, dividends, and long-term growth.
With that in mind, let's take a look at three ASX 200 blue chip shares that analysts believe are attractively priced right now. They are as follows:
BHP Group Ltd (ASX: BHP)
BHP is more than just a miner — it is a global heavyweight with exposure to commodities that underpin modern economies. Iron ore and copper remain its bread and butter, but future growth drivers like potash position the company for the long term.
One thing that makes BHP stand out is its ability to generate enormous free cash flow during strong commodity cycles and return it to shareholders through dividends and buybacks. While commodity prices are cyclical, BHP's scale, efficiency, and balance sheet strength give it resilience that smaller peers simply can't match. This could make it a great pick if you are searching for blue chip exposure to the mining sector.
Morgan Stanley sees value its shares at current levels and has an overweight rating and $46.50 price target on them.
ResMed Inc. (ASX: RMD)
Another ASX 200 blue chip share that could be a buy is ResMed. Its focus on treating sleep apnoea and other chronic respiratory conditions gives it exposure to a vast and growing market. Especially with millions of sufferers still undiagnosed.
ResMed's technology edge lies in its connected devices and digital health platforms, which make treatment more effective for patients and easier for providers to manage. With strong operating leverage, profits are growing faster than revenues, and its balance sheet strength allows it to keep investing in innovation. Overall, ResMed offers the rare combination of healthcare defensiveness and tech-like growth.
The team at Macquarie is bullish on this blue chip and has an outperform rating and $48.60 price target on its shares.
Woolworths Group Ltd (ASX: WOW)
Woolworths is the market leader in Australian supermarkets, and that scale gives it advantages few rivals can replicate. Its grocery division delivers steady cash flows, while ongoing investment in supply chain efficiency and digital channels strengthens its competitive edge.
And while its performance has been disappointing recently, it appears well-placed to stage a recovery in FY 2026.
In addition, Woolworths' reliable dividends are another attraction, especially for income investors, and are underpinned by one of the most defensive business models on the ASX.
Ord Minnett is positive on the company and recently put a buy rating and $33.00 price target on its shares.
