CSL Ltd (ASX: CSL) shares have climbed higher into the green in Tuesday lunchtime trade.

At the time of writing, the ASX biotech stock is up around 1% and is trading for $178.34 a piece.

Today’s increase means CSL shares have now jumped 93% from a 10-year low, recorded in June. The shares have also recouped losses shed this year, and are now up around 4% for the year to date. CSL shares are currently trading 13% lower than this time last year.

What drove the CSL share price rebound?

It looks like a combination of factors drove a renewal of investor confidence.

The company has faced several strong headwinds over the past 18 months, including a general investor rotation away from ASX healthcare shares, a full-year guidance downgrade earlier in the year, and news that the company expects an additional non-cash pre-tax impairment of around $5 million in FY26 and FY27.

But it looks like investors realised that the sell-off was way overdone, and by June the shares were trading significantly below fair value.

CSL’s final FY26 result in mid-August helped drive confidence higher again. The company reported total revenue of US$15.8 billion and NPAT of US$2.6 billion, which came in way ahead of guidance. 

Management described FY26 as a ‘reset year’, and said that in FY27 it expects a return to growth.

And all this has happened while the Australian healthcare sector stages a significant recovery, with investors becoming interested in the sector once again.

And why are the shares climbing higher again today?

Just yesterday, the company announced it has entered into an exclusive deal with Alentis Therapeutics for lixudebart, a treatment targeting rare kidney and liver conditions.

The company plans to expand clinical trials to cover other rare diseases such as focal segmental glomerulosclerosis (FSGS) and primary sclerosing cholangitis (PSC), supporting the growth of CSL’s nephrology portfolio.

CSL is expected to make an initial upfront payment of US$355 million to Alentis Therapeutics. It will also make additional commercial milestone payments of up to US$1.2 billion depending on commercial success.

The agreement is valued at up to US$1.6 billion in total.

Is the ASX biotech stock a buy, sell, or hold for October?

It looks like the company is well positioned for future growth. And the experts are bullish that CSL shares can keep climbing higher, too.

Market Index data shows that the majority of brokers have a buy rating on CSL shares. But after the strong rebound over the past couple of months, the average $159.86 target price now implies a downside of around 10% from the current trading level.

Analysts on TradingView are also bullish. Again the majority (11 out of 19) have a buy or strong buy rating on the shares. The average $185.96 target price implies a potential 4% upside, at the time of writing. Some think the shares have the potential to jump another 22% to $218.30 within the next 12 months.

If analyst forecasts are correct, now could be a great time to buy the shares, ahead of the next rally.

The post CSL shares jump 93%: Is the ASX biotech stock a buy, sell or hold for October? appeared first on The Motley Fool Australia.

More reading

• Are CSL shares a buy after its big news?
• CSL unveils exclusive Alentis deal to advance rare disease treatments
• Top ASX shares to buy in October 2026
• CSL vs Pro Medicus: Which ASX healthcare share is better?
• Expert names Woodside and CSL shares as top buys today

Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. 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.

S&P/ASX 200 Index (ASX: XJO) shares are up 0.4% to 8,719.6 points on Tuesday.

Let’s check out some new ratings on these three ASX 200 shares (courtesy The Bull).  

NextDC Ltd (ASX: NXT)

NextDC shares are $10.62 apiece, down 0.2% today.

Arthur Garipoli from Dolphin Partners has a buy rating on this ASX 200 tech share. 

Garipoli said: 

This data centre operator delivered total revenue of $496.5 million in fiscal year 2026, up 16 per cent on the prior corresponding period.

Underlying EBITDA of $248.8 million was up 15 per cent.

Underlying EBITDA is expected to range between $385 million and $410 million in fiscal year 2027.

NXT has invested heavily in infrastructure during the past three years.

The recent share price decline enables longer term investors to gain entry into a growth stock with structural tailwinds.

Cleanaway Waste Management Ltd (ASX: CWY)

Cleanaway Waste Management shares are $2.65, down 0.6% on Tuesday.

Steven Springford from Catapult Wealth has a hold rating on this ASX 200 industrials share. 

He said: 

This waste management company received a conditional, non-binding indicative proposal from EQT Infrastructure at $3.13 cash a share less the cash amount of any dividends. The proposal values Cleanaway at about $9.4 billion.

There’s no certainty the proposal will proceed… In our view, investors should continue holding and potentially receive the proceeds, which may also include a special fully franked dividend.

Cleanaway released an update yesterday saying that EQT had confirmed nothing had arisen during its due diligence that would prevent it from going ahead with the purchase, and it does not intend to vary any terms of its proposal.

Cleanaway received EQT’s conditional, non-binding indicative offer to buy 100% of its shares on 13 August.

Yesterday, Cleanaway said: “EQT is continuing to progress its confirmatory due diligence and the parties are working towards the negotiation and execution of an implementation deed.”

New Hope Corporation Ltd (ASX: NHC)

The New Hope Corporation share price is $5.78, down 0.7% today.

Garipoli gives this ASX 200 coal share a sell recommendation.

He explained: 

New Hope is a thermal coal producer.

Underlying EBITDA of $514.3 million in full year 2026 was down 32.8 per cent on the prior corresponding period.

Net profit after tax of $161 million fell 63.4 per cent. The profit result was below broker estimates.

Heightened costs contributed to the fall in profit.

The shares have performed well in calendar year 2026, so investors may want to consider pocketing some gains.

The post Buy, hold, sell: New Hope, Cleanaway Waste Management, NextDC shares appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Tech shares shine while ASX 200 plunges to 4-month low
• Top ASX shares to buy in October 2026
• 5 leading ASX shares I’d buy and hold until 2040
• Buy, hold, sell: Premier Investments, New Hope, Xero shares

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

Nobody knows when the next serious market sell-off will arrive.

But I think it is worth owning ASX shares that I would still feel comfortable holding if share prices suddenly fell 20% or 30%.

For me, that means looking for strong competitive positions, dependable demand, and businesses that can keep moving forward even when the economic backdrop becomes less friendly.

These are three ASX shares that fit that description.

Cochlear Ltd (ASX: COH)

Cochlear would be one of my first choices. It is a global leader in implantable hearing solutions, operating in a healthcare market where the underlying need does not disappear because economic conditions weaken.

That gives Cochlear a degree of resilience I like.

There is also a long-term growth story behind the defensive qualities. Ageing populations and greater awareness of hearing loss should continue expanding the number of people who could benefit from treatment.

Cochlear also has a strong record of product development, which helps it keep improving the technology available to patients and healthcare professionals.

A market sell-off could still drag Cochlear shares lower. But I would be comfortable looking through that volatility and sticking with the long-term investment case.

Wesfarmers Ltd (ASX: WES)

Wesfarmers is an ASX share that gives me a different kind of confidence.

This conglomerate’s portfolio includes businesses such as Bunnings, Kmart, Target, Silk Laser, Priceline, and Officeworks, giving the company exposure to categories that remain important to Australian consumers through different parts of the economic cycle.

I particularly like the strength of Bunnings. Its scale, brand recognition, and position in home improvement make it difficult to replicate, while Kmart has built a strong value proposition that can remain relevant when household budgets are under pressure.

Wesfarmers also has a long history of allocating capital across different businesses and industries. That flexibility is valuable during weaker markets. A strong balance sheet and patient management can create opportunities when other companies are forced to pull back.

For me, that makes Wesfarmers the sort of business I would be happy to keep holding even if sentiment towards the broader market turned sharply negative.

Woolworths Group Ltd (ASX: WOW)

Woolworths would be my third ASX share pick.

Grocery spending is one of the more defensive parts of the economy because households still need food and everyday essentials regardless of what markets are doing.

That gives Woolworths a steady demand base through periods when consumers may be cutting back elsewhere.

Its scale also works in its favour. Woolworths operates one of the country’s largest supermarket networks, with the purchasing power, distribution infrastructure, and customer reach that come with that position.

The business still needs to execute well, particularly around pricing, costs, and competition. But if the share market were falling because investors were worried about the economic outlook, Woolworths is the sort of company I would be comfortable continuing to own.

Foolish takeaway

A market downturn would probably send all three share prices lower. That would not automatically make me want to sell them.

What I care about is whether the businesses themselves can keep strengthening while the market works through the turbulence.

Cochlear, Wesfarmers, and Woolworths all give me reasons to believe they could. That is why I would be comfortable owning them before, during, and after the next sell-off.

The post 3 defensive ASX shares I’d buy in a market sell-off appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: Goodman, Wesfarmers, BHP shares
• Buy, hold, sell: Megaport, Northern Star, Woolworths shares
• A leading fund just bought these top ASX 200 shares
• Wesfarmers vs Woolworths: Which ASX dividend share looks better this month?
• How to build a $52,000 passive income with ASX shares

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