The CSL share price has been struggling of late. Is this because it’s fully valued?

The CSL Limited (ASX: CSL) share price is trading marginally lower, down 0.41% to $281.83 at the time of writing.

Over the past month, the ASX biotech share is down 4.15% and in the year to date, it’s fallen 4.55%.

The company hasn’t announced any price-sensitive news since its FY22 results on 17 August.

What do the experts think of the CSL share price?

In an article on Livewire, Vince Pezzullo of Perpetual Asset Management says the CSL share price is elevated.

Pezzullo wrote: “We regard CSL as a high-quality stock, but it is trading at a price well above its value.”  

According to research published on the Westpac trading platform, CSL is trading at a price-to-earnings (P/E) ratio of 38.76.

This is more than twice the market average of 14.47 and well above the sector average of 26.88.

But analysts at Macquarie see further growth ahead for the CSL share price.

As my Foolish colleague James reported yesterday, Macquarie has retained its outperform rating on the stock. It has a share price target of $329.50 on CSL shares. That’s a potential 16% upside.

The broker highlighted CSL’s successful recent phase 3 trial of garadacimab, which brings the hereditary angioedema treatment closer to approval.

According to CSL, the company “aims to begin filing with global health authorities at the end of the current fiscal year for full approval”.

If regulators give the go-ahead, Macquarie reckons it could command almost half of the market in the coming years.

In a company poll, Macquarie asked its experts to pick the best ASX 100 defensive shares to buy today.

CSL was among them due to its multiple growth drivers, as my colleague Brendan reported yesterday.

The post The CSL share price has been struggling of late. Is this because it’s fully valued? appeared first on The Motley Fool Australia.

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More reading

• Leading brokers name 3 ASX shares to buy today
• These are the top ASX 100 buy ideas from Macquarie
• 2 blue chip ASX 200 shares to boost your portfolio: experts
• The CSL share price has gone backwards in 2022. Could a turnaround be ‘just starting to happen’?
• ASX 200 better buy: Cochlear or CSL shares?

Motley Fool contributor Bronwyn Allen has positions in CSL Ltd. and Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has recommended Macquarie Group Limited. 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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