Higher or lower: Where are CSL shares going next?

After a period of seemingly relentless declines, CSL Ltd (ASX: CSL) shares have finally found some love in recent weeks.

In fact, the biotech giant’s shares have been on an absolute tear, rising almost 90% since hitting a multi-year low of $90.00 in June.

Those gains are not too surprising given the dirt cheap valuation at the time, but what about the future? 

Do analysts think CSL shares are going higher or lower from here? Let’s dig deeper into things and find out.

Where next for CSL shares?

Before looking at where the company’s shares could be heading, let’s have a quick reminder of why they have rallied.

As I mentioned at the top, the CSL share price was well and truly down in the doldrums at just $90.00.

This was a level that investors hadn’t seen in over a decade. Not even during the COVID market crash did its shares get anywhere near that level.

The market was essentially valuing CSL like it was broken and without a fix. 

However, a much better than expected FY 2026 result and improving confidence in its outlook helped change the narrative and investors came flooding back.

Which is why CSL shares are suddenly trading at $169.50 today.

Though, it is worth noting that this is still well short of its record high, so we are only in the early stages of a full recovery.

What are brokers predicting?

The good news is that a number of top brokers still see value in the company’s shares despite its strong gains over the past three months.

For example, the team at UBS has a buy rating and $181.00 price target on them. This implies potential upside of around 7% over the next 12 months.

Elsewhere, Morgan Stanley has an overweight rating and slightly higher price target of $182.00.

And over at Morgans, its analysts have a buy rating and $187.71 price target, which offers potential upside of approximately 11%. It said:

The FY26 result was broadly in line with expectations, with revenue of US$15.8bn (+3% vs guidance) and underlying NPATA of US$3.1bn. Importantly, underlying Ig demand remains strong, Seqirus delivered seasonal influenza growth despite lower US immunisation rates and transformation savings reached US$176m ahead of target, although Vifor continues to face challenges. 

While FY27 targets flat top line growth, as Vifor remains a significant drag, the earnings trajectory is becoming increasingly skewed towards recovery, supported by stabilising plasma economics, cost-outs and improved commercial execution. We make modest changes to FY27-28 estimates and increase our blended DCF, PE and EV/EBITDA-based target price to A$187.71 on a multiple roll forward. BUY.

It is worth noting that not everyone is positive. Macquarie has a neutral rating and $133.00 price target and Bell Potter is sitting at hold with a $150.00 price target.

The post Higher or lower: Where are CSL shares going next? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Macquarie Group. The Motley Fool Australia has recommended CSL and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.