Brokers say these blue chip ASX 200 shares have ~30% upside

If you’re looking for ASX 200 blue chips to buy, then it could be worth checking out the two listed below.

That’s because both of these blue chips have been named as buys and tipped to rise materially from current levels.

Here’s what you need to know about them:

Qantas Airways Limited (ASX: QAN)

The first blue chip ASX 200 share that has been named as a buy is Qantas. It is of course the airline operator behind the Qantas and Jetstar brands. It also has a very lucrative loyalty business, with approximately 15 million members.

The team at Morgans is very positive on the company, particularly given its current valuation. Its analysts “continue to view the discount being applied to QAN vs pre-COVID multiples as unwarranted.”

The broker has an add rating and $8.50 price target on its shares. Based on the latest Qantas share price of $6.46, this will mean a potential upside of 31% for investors.

Treasury Wine Estates Ltd (ASX: TWE)

Another blue chip ASX 200 share that could be a buy for investors right now is Treasury Wine. It is one of the world’s largest wine companies with a collection of popular brands such as Penfolds, 19 Crimes, Wolf Blass, and Blossom Hill.

Goldman Sachs is a fan of the company and sees a lot of value in its shares at the current levels. The broker highlights that “TWE is now re-entering a growth phase with a 12% EPS CAGR and PEG of <2x which is attractive vs the rest of our consumer coverage.”

Goldman has a buy rating and a $14.20 price target on Treasury Wine’s shares. Based on the current Treasury Wine share price of $11.00, this implies a potential upside of almost 30%.