Do you have room in your portfolio for some new additions in April?

If you do, then it could pay to listen to what Macquarie Group Ltd (ASX: MQG) is saying about the ASX 200 shares in this article.

Here's why the broker is bullish on them:

Breville Group Ltd (ASX: BRG)

The appliance manufacturer could be an ASX 200 share to buy according to analysts at Macquarie.

Macquarie highlights that Breville has been outperforming the industry with solid growth and is among only a small group that have revenue ahead of pandemic peaks. It said:

Macquarie Kitchen Benchmark 4Q-CY24 revenue was +1.9% yoy. BRG has outperformed the benchmark by ~11% p.a. CY18-24. 'De'Longhi Revenue Index' growth was +7.5% in 4Q-CY24. Breville Global Products segment reported +13.0% cc revenue growth in the Dec half 2024. BRG, Nespresso, SN and now DLG (coffee, developing new markets & NPD investment) are the only benchmark companies with revenue above pandemic peaks.

The good news is the broker is feeling positive about Breville's outlook and thinks this outperformance can continue. As a result, it has put an outperform rating and $41.10 price target on the ASX 200 share. Based on the current Breville share price, this implies potential upside of approximately 30% for investors over the next 12 months. It concludes:

Outperform. The coffee segment, new market development and investment in new product development are driving outperformance vs sector peers.

Codan Ltd (ASX: CDA)

Another ASX 200 share to be given the thumbs up by the investment bank is metal detector company Codan.

Macquarie highlights that Codan is a high quality company with strong free cash flow and valuable intellectual property (IP). As a result, it thinks that recent share price weakness has created a buying opportunity for investors. It explains:

CDA is a high quality business, generating strong cash flow and with extensive IP across its segments. The recent pullback provides a more attractive entry point given the strong growth outlook over FY25-27 with new product releases creating upside risk to consensus forecasts.

According to the note, the broker has upgraded Codan's shares to an outperform rating from neutral with a price target of $17.00.

Based on the current Codan share price, this suggests that upside of 10% is possible for investors between now and this time next year. In addition, a dividend yield of almost 2% is expected over the period. It adds:

CDA well-positioned for strategic M&A with leverage ~0.7x and comfort up to ~2.0x. Upgrade to Outperform (from Neutral).