There are a lot of ASX shares out there for investors to choose from, but two that come highly rated by analysts at Macquarie Group Ltd (ASX: MQG) are named below.

Here's why the broker is bullish on these names and tipping them as buys in March.

A2 Milk Company Ltd (ASX: A2M)

Infant formula company A2 Milk gets the thumbs up from Macquarie. It remains positive on A2 Milk shares despite its price target being largely in line with its current share price.

This is because the broker believes there are potential catalysts on the horizon that could drive a meaningful re-rating of the infant formula company's shares in the near future. It explains:

While A2M has re-rated strongly post-result and on China-stimulus news, key catalysts will be further earnings upgrades, success of recent product innovation, capital management, and supply-chain investment increasing China market access.

Its analysts currently have an outperform rating and $7.85 price target on the company's shares.

GQG Partners Inc (ASX: GQG)

As well as A2 Milk shares, Macquarie is tipping investment company GQG Partners as one to buy this month.

The broker highlights that GQG Partners' four investment strategies have been narrowed down from thousands of potential strategies. This helps explain how the company continues to perform so positively. It said:

At the 1H25 result GQG provided an overview of performance. The hurdles were set by GQG. GQG screened: #1) 6,641 strategies; #2) compared the 62% with a 10yrplus track record; #3) cut the list down to the 1.72% with positive excess return in 100% of 5-yr rolling periods, on a 1-mth shift; #4) looked for low volatility, beta <=0.8 vs benchmark; and #5) combined with downside risk management, measured by positive excess return in each major downturn period, MSCI ACWI Net Index declined by 10%+, over the prior decade (3Q2015 energy, 4Q2018 China, 1Q2020 COVID, and 1Q2022-3Q2022 Russia and rates). While the hurdles were set by GQG, only 4 strategies remained, or 0.06% of the total. All 4 were GQG primary strategies.

Unlike A2 Milk shares, Macquarie sees significant potential returns from where GQG Partners trades today. Its analysts have an outperform rating and $3.00 price target on the investment company's shares. This suggests that upside of 35% is possible from current levels.

The broker is also expecting a huge 10% dividend yield over the next 12 months, boosting the total potential return to approximately 45%.