ResMed Inc. (ASX:RMD) and this ASX blue chip share could be some of the best options for investors right now. Here’s why…
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Have you got room for a blue chip or two in your portfolio? If you are, then take a look at the blockbuster blue chip shares listed below.
Here’s why they are highly rated:
The first blue chip share to look at is ResMed. It is one of the world’s leading medical device companies.
ResMed’s focus is primarily on the sleep treatment market and has a portfolio full of industry-leading solutions for sleep apnoea, insomnia, CPAP, and snoring. These products are available in more than 70 countries worldwide thanks to its direct offices and network of distributors.
Positively, the company invests heavily in its research and development, ensuring it stays ahead of the competition. Which certainly is a good thing given the size of the market. Management estimates that there are ~1 billion people suffering from sleep apnoea worldwide. However, the vast majority of these sufferers have yet to be diagnosed. This gives ResMed a significant runway for growth.
Morgans is positive on ResMed’s prospects. It recently retained its add rating and put a price target of $30.09 on its shares. The ResMed share price ended the week at $24.88.
Another blue chip ASX share to consider buying is Xero. It is a highly rated provider of a cloud-based business and accounting solution to small and medium sized businesses.
Like ResMed, Xero has a very large global market opportunity to grow into over the next decade. In addition to this, it has the opportunity to squeeze more and more revenue out of its users via its burgeoning app ecosystem.
It is due to this app ecosystem that Goldman Sachs believes Xero has a multi-decade runway for strong growth.
In light of this, it will come as no surprise to learn that the broker has a buy rating and $157.00 price target on its shares at present. This compares to the latest Xero share price of $127.20.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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