Is 2024 the year that CSL shares finally hit a new high?

The story of CSL Limited (ASX: CSL) shares over the past few years has been one of stagnation. Back in early 2020, it seemed as though buying CSL shares was a no-brainer.

After all, this was a company that pumped out double-digit share price gains every single year, or so it seemed. To illustrate, CSL was asking for under $100 in 2015. But by early 2020, the company had cracked the $300 mark. 

But ever since, CSL shares have been adhering to the very definition of sideways. Today, the company is going for $285.65 a share at the time of writing. That’s down more than 15% from its pre-COVID 2020 peak of around $340 a share.

Over the past 12 months, the ASX 200 healthcare giant has traded within a 52-week range of $228.65 and $314.28. See all of that for yourself below:

So will 2024 finally be the year that the CSL share price breaks out of its four-year prison and mints a fresh new all-time high? Or will this year be another meandering around the $300 price point?

Will CSL shares crack a new high in 2024?

Well, it seems that most ASX experts think that it’s only up from here for CSL shares.

Earlier this month, my Fool colleague James covered the views of several ASX brokers on the CSL share price.

Brokers Citi, UBS, Macquarie, Morgans and Goldman Sachs are all bullish on the healthcare company, and all currently have buy ratings on the stock. Citi has given CSL a 12-month share price target of $325.

Goldman Sachs is a little less optimistic, with its own target of $309. But UBS comes out on top with its target of $340.

Macquarie and Morgans have targets of $321 and $328.20 respectively. Here’s some of what Morgans had to say on its rating:

[We] continue to view CSL as a key portfolio holding and sector pick, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses.

So while most of these share price targets wouldn’t see CSL crack a new all-time high, it would certainly see investors enjoy some welcome gains over the coming 12 months if accurate. But we’ll have to wait and see what happens.

The post Is 2024 the year that CSL shares finally hit a new high? appeared first on The Motley Fool Australia.

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More reading

• 2 Warren Buffett tips I’ll be following when buying ASX shares in 2024
• Aiming to get richer in 2024? I’d buy cheap ASX shares in January
• Is it crazy to buy CSL shares with a P/E ratio over 40?
• Up, down and up again. Here’s what happened with the CSL share price in 2023
• Are CSL shares a top buy in 2024?

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Sebastian Bowen has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goldman Sachs Group, and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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