2 of the best ASX 200 blue chip shares to buy: Morgans

If you’re looking for ASX 200 blue chip shares to buy, then Morgans has you covered.

Among its best ideas for May are a couple of quality blue chip shares. Here’s why the broker rates them highly:

ResMed Inc. (ASX: RMD)

Morgans has this sleep treatment company on its best ideas list again this month. The broker has an add rating and $37.80 price target on the blue chip share. This compares to the current ResMed share price of $34.51.

The broker believes ResMed is well-placed for long-term growth thanks to rising sleep apnoea volumes and its growing digital business. It explains:

While we expect the next few quarters to be volatile as COVID-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.

Wesfarmers Ltd (ASX: WES)

Thanks to its focus on value and the tough economic environment, Morgans believes Wesfarmers is an ASX 200 blue chip share to buy. Particularly given its highly rated management team and strong balance sheet.

Morgans currently has an add rating and $55.50 price target on its shares. This compares to the latest Wesfarmers share price of $51.52. The broker commented:

WES possesses one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks. The company is run by a highly regarded management team and the balance sheet is healthy. We believe WES’s businesses, which have a strong focus on value, remain well-placed for growth despite softening macro-economic conditions.