$300 is a share price value that investors of CSL Limited (ASX: CSL) have seen before. Quite a few times actually. CSL shares first cracked the $300 mark way back in 2019. The healthcare giant even rose as high as $340 a share in February 2020.
But ever since, the CSL share price could be described as being stuck in the mud. The company is presently trading at $287.35 a share at the time of writing, the same pricing it was trading at in May 2020. The company has spiked above $300 a share a few times, most recently back in September this year.
But it never seems to last long. Today, the CSL share price remains down by 2.84% in the year to date. It’s also lost just over 7% over the past 12 months.
So could the remainder of 2022 finally see CSL shares crack the $300 mark and stay there?
Is the CSL share price heading back to $300?
Well, Rob Crookston, equity strategist at ASX broker Wilsons, thinks so.
In a recent memo, Crookston cited CSL as one of the ASX healthcare shares Wilsons is holding at the moment.
The broker has a 12-month share price target of $318.33 on CSL right now, implying a potential upside of close to 11% over the next year.
Crookston points to a forecasted compounded earnings growth of 19% that the broker reckons CSL will be able to achieve over the next three years as justification for this share price target.
The broker also likes CSL’s potential in the plasma collection market, which has just exceeded pre-COVID levels. It also points to the “supply-constrained market” and higher collection capacity for CSL’s immunoglobulin blood products.
So no doubt shareholders will welcome this bullish assessment on CSL shares’ immediate future. But we shall have to wait and see if CSL can indeed break the $300 share price market this year. With only six weeks or so of 2022 left, time is running out.
The post Can the CSL share price crack $300 before the year’s out? appeared first on The Motley Fool Australia.
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More reading
- 3 ASX shares to buy in a sector ready to explode: expert
- Why is the CSL share price smashing the ASX 200 on Thursday?
- Are CSL shares a good buy right now?
- 2 big name ASX companies ready for a ‘share price recovery’: experts
- Leading brokers name 3 ASX shares to buy today
Motley Fool contributor Sebastian Bowen has positions in CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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