Are CSL shares set for an earnings boost?

It’s been a decent few months for the CSL Ltd (ASX: CSL) share price on the ASX. Back in October 2023, CSL shares hit a new 52-week (and four-year) low of $228.65. 

But today, those same shares are going for $293.42 at the time of writing. That’s up 0.15% for the day thus far, and up almost 30% from that October low.

Even so, CSL’s medium-term share price performance is probably leaving investors wanting a little more.

As we discussed the week before last, CSL shares have been stuck in a rut for a while now. The ASX 200 healthcare stock last hit an all-time high (around $340 a share) back in early 2020.

But in the now four years since that time, CSL hasn’t even gotten close to that high watermark. Indeed, as of today’s pricing, CSL shares remain down by almost 13% from that early 2020 high. See all of that for yourself below:

However, perhaps 2024 will finally be the year that the CSL share price gets back to its old groove. Hopeful investors have 13 February next month circled on their calendars. Not just because it’s pre-Valentine’s Day, but because that’s when CSL reveals its next earnings report.

Yep, CSL is scheduled to deliver its half-year results for the six months to 31 December 2023 on 13 February. And investors are no doubt hoping they get an early visit from Cupid’s arrow.

Of course, we can’t know what CSL will pull out of its hat next month until we hear from the company itself.

ASX brokers rate CSL shares as a buy

Saying that though, there are a few ASX brokers who reckon CSL and its share price are primed for a good year this year.

Earlier this month, we covered the views of ASX broker Morgan Stanley. Morgan Stanley is expecting big things from CSL this year. It currently has an overweight rating on the company, along with a 12-month share price target of $334. Not quite at CSL’s all-time high, but probably close enough for comfort.

The broker also highlighted its positive outlook on CSL’s plasma collection market. If Morgan Stanley is on the money here, we could well see this quantified in CSL’s earnings next month.

But it’s not just Morgan Stanley. We’ve also recently gone over fellow broker Morgans’ views on the healthcare giant. Morgans also has an add rating on the CSL share price right now. This broker’s 12-month share price target currently sits at $328.20.

As such, while we won’t fully know if CSL’s upcoming earnings will give investors enough confidence to send its shares back to $300 and beyond, these ASX brokers certainly seem to be expecting some big things.

The post Are CSL shares set for an earnings boost? appeared first on The Motley Fool Australia.

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• Is now the right time to buy CSL shares? Here’s my take

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. 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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