The S&P/ASX 200 Index (ASX: XJO) has climbed to an all-time high this week, as concerns about inflation and higher interest rates are starting to reverse.
Among the index's largest players by market capitalisation are some of my favourites: Coles Group Ltd (ASX: COL), Woodside Energy Group Ltd (ASX: WDS), and Telstra Group Ltd (ASX: TLS) shares.
Let's find out what brokers tip for these ASX 200 blue-chip shares next.
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Buy Coles shares
Coles shares have suffered peaks and troughs throughout the first few months of the year. The shares have traded anywhere between a low of $20.35 a piece and an all-time high of $24.41 in late-June. At the time of writing on Friday morning, the shares are down around 1% and trading at $24.12 a piece. For the year to date, they're now around 13% higher.
Coles shares hit a few headwinds in July. There were concerns about a potential acquisition of Petbarn owner Greencross. News that the Australian Competition and Consumer Commission (ACCC) has ruled against the supermarket giant's proposed acquisition of a leasehold interest in Kalgoorlie-Boulder, Western Australia, also spooked investors.
It looks like sentiment has reversed for August so far. There hasn't been any price-sensitive news out of the supermarket giant, so it's most likely that investors realised the sell-off was overdone and the shares were trading for cheap.
Brokers are bullish about the outlook for Coles shares over the next 12 months. Market Index data shows that the majority of brokers have a buy rating on the shares. The $24.53 average target price implies a potential 1.5% upside at the time of writing.
Hold Woodside shares
Woodside shares are up around 2% and changing hands for $32.24 a piece. For the year to date, the shares are up 36%.
Oil supply concerns have been a key theme for 2026 so far. The volatility that comes hand in hand with uncertainty around conflict in the Middle East has been a strong tailwind for Woodside shares over the past six months.
But when the reverse happens and conflict looks like it's moving towards a resolution, Woodside shares generally start to tumble again. We saw this play out through the first few days of August. The shares are now down around 2% for August so far.
But the reality is, the region is highly volatile. The movement of oil from the area will continue to be uncertain until a resolution is reached. And given Woodside shares are so closely tied to oil price sentiment, we can't really tell where the shares will move next.
Market Index data shows that brokers are also hesitant about Woodside shares. The majority have a hold rating but the $29.58 average target price currently implies a downside of around 7%.
Hold Telstra shares
The telco stock is trading around 1% lower in Friday morning trade, at $4.96 a piece. For the year to date, the shares are up around 2%; however, they're 11% lower than a 10-year high recorded in mid-May.
It looks like the shift in sentiment is mostly down to investors taking their gains off the table after a huge rally. But the downturn also accelerated when a flurry of brokers updated their outlooks on the stock.
A broad softening in defensive shares, including telcos, and valuation concerns have also acted as headwinds. Telstra is a classically defensive stock, which means it benefited from a flight to security earlier this year when geopolitical volatility made many other sectors look too risky. And now the reverse is happening.
Market Index data shows brokers are divided between a hold and a buy rating on Telstra shares. The $5.17 average target price implies around a 5% upside, at the time of writing.
