2 blue chip ASX 200 stocks classified as purchases
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If you want to bolster your portfolio with blue chips, you might want to take a look at these ASX 200 stocks.
Here’s why these two top-notch ASX stocks are highly rated:
The first top-notch ASX 200 stock to watch is ResMed. It is one of the world’s leading sleep treatment companies. ResMed has performed exceptionally well over the past decade thanks to its leading edge products and successful acquisitions. This has allowed the company to capture much of a rapidly growing sleep treatment market due to the increasing prevalence of sleep disorders.
The good news is that the company still has a very long way to go. This is due to the growing awareness of sleep disorders and new products. In addition, ResMed is expected to benefit from a significant product recall by a key competitor.
Credit Suisse is optimistic about the company’s outlook. It recently maintained its outperformance rating and raised its price target to $ 44.00. The broker believes ResMed can grow at above industry rates over the medium term.
Sonic Healthcare Limited (ASX: SHL)
Sonic Healthcare is another top-notch ASX 200 stock to watch. It is one of the world’s leading providers of medical diagnostics, with a reputation for excellence in pathology, diagnostic imaging and primary care medical services. This applies to operations in the ANZ, European and North American markets.
Sonic has experienced very strong growth over the past 18 months. While this is largely due to a high demand for COVID-19 testing services, the rest of the business is doing well as well.
Fortunately, this strong form should continue. In fact, with COVID testing unlikely to go away anytime soon, the company is expected to continue to grow strongly for the foreseeable future.
Additionally, Sonic has a very solid track record. This gives the company opportunities to accelerate its growth with acquisitions.
The Morgans team are very positive about Sonic’s outlook. The broker has an additional rating and a price target of $ 45.98 on the company’s stock.