There are plenty of blue chips trading on the ASX 200 index. But which ones could be top buys?

Let's take a look at three that analysts are recommending in January. They are as follows:

CSL Ltd (ASX: CSL)

The first ASX 200 blue chip share to buy could be CSL.

Bell Potter is a fan of the biotech giant and believes its shares are trading at an attractive level for investors. Especially given the positive outlook for its earnings growth. It said:

CSL presents an attractive buying opportunity as we anticipate the start of a margin recovery phase for CSL, driving above-market earnings growth over the next few years. CSL trades at a 12-month forward PE of ~28x, representing a discount to its 10-year average of ~31x. Furthermore, the company will continue to deleverage the balance sheet over the next few years. Given the company's proven quality and growth prospects, we believe significant upside remains.

Bell Potter has a buy rating and $345.00 price target on its shares.

James Hardie Industries plc (ASX: JHX)

A second ASX 200 blue chip share that could be a buy in January according to analysts is building materials company James Hardie.

Bell Potter likes the company. This is due to the structural shift towards fibre cement in the United States, which it expects to drive an earnings expansion. It said:

In our view, James Hardie is poised for continued earnings expansion, driven by the structural shift towards fibre cement in the US. Households in the US continue to shift to fibre cement cladding from vinyl/timber, providing a multi- year runway for JHX's revenue and profit growth. With a strong market position, premium brand, and pricing power, JHX is poised to capitalise on structural growth in the fibre cement market and cyclical tailwinds from potential rate cuts.

Bell Potter has a buy rating and $64.00 price target on its shares.

Treasury Wine Estates Ltd (ASX: TWE)

A final ASX 200 blue chip share that could be a top buy according to analysts is Treasury Wine.

It is a leading wine company that owns a portfolio of popular brands. This includes the Penfolds, Wolf Blass, Lindeman's, DAOU Vineyards, and 19 Crimes brands.

The team at Goldman Sachs is positive on the company and believes double digit earnings growth is coming over the next few years. It said:

Our Buy rating on TWE is premised on accelerating double-digit EPS growth in FY24-27e driven by 1) continued global expansion of Penfolds, especially post the removal of China import tariffs on Australian wine; our recent channel checks suggest positive reception to the returning Australian sourced Penfolds and we expect a ~63pct pre-tariff recovery by 2027; and 2) its rank as the #1 luxury wine company in the US (most sales in luxury wine) with the recent acquisitions of Frank Family Vineyards (FFV) and DAOU which have been growth and margin accretive, combined with a stable portfolio of Premium Brands. TWE is trading modestly below the 5-year historical P/E average.

Goldman has a buy rating and $15.20 price target on its shares.