There are a lot of options for investors to choose from on the ASX 200 index.
But two ASX 200 stocks that could be quality buys right now according to analysts are listed below.
Here’s why they are bullish on them:
Cochlear Limited (ASX: COH)
The first ASX 200 stock to look at is medical device company Cochlear.
It is a global leader in the development, manufacture, and distribution of cochlear implantable devices for the hearing impaired.
The company has been a strong performer for well over a decade thanks to its growing global distribution network, investment in research and development, and increasing demand from ageing populations.
Pleasingly, Goldman Sachs expects this trend to continue. It believes the company ticks all the following boxes:
Looking forward, we continue to express a general preference for the device/drug names over the service providers in the current environment, on the basis of: i) stronger pricing power; ii) more assured volume profiles; iii) more resilient/expanding market shares; and iv) stronger balance sheets.
Goldman Sachs currently has a buy rating and a $265 price target on Cochlear’s shares.
Coles Group Ltd (ASX: COL)
Another ASX 200 stock that could be a buy in FY 2024 is Coles. It is of course the supermarket giant behind the eponymous Coles brand.
Citi has been speaking very positively about the company this year. And following a recent site visit to its new Automated Distribution Centre (ADC) in Queensland, it remains as bullish as ever. The broker commented:
Coles hosted a site tour of its new Automated Distribution Centre (ADC) located in Redbank, Queensland. […] There should be a positive net EBIT impact in FY25, but the first full year of benefits is not expected to be achieved until FY26. Overall, the site tour reinforces our view that Coles is moving in the right direction and the ADCs have the potential to provide a cost advantage over competitors.
Citi has a buy rating and a $20.20 price target on its shares.
