Why the CSL (ASX:CSL) share price is rising and could keep climbing

The CSL Limited (ASX:CSL) share price is rising on Tuesday and could keep on climbing according to leading brokers. Here’s why…
The post Why the CSL (ASX:CSL) share price is rising and could keep climbing appeared first on The Motley Fool Australia. –

The CSL Limited (ASX: CSL) share price is pushing higher on Tuesday morning.

At the time of writing, the biotherapeutics giant’s shares are up 1% to $292.00.

Why is the CSL share price rising today?

The CSL share price was given a boost by a broker note out of the Macquarie Group Ltd (ASX: MQG) equities desk this morning.

According to the note, the broker has retained its outperform rating and $312.00 price target on the company’s shares.

This price target implies potential upside of approximately 7% over the next 12 months.

What did Macquarie say?

Macquarie has been leveraging Google data to track foot traffic at the company’s network of plasma collection centres during the pandemic.

Positively, the latest data indicates that foot traffic has now risen to the highest level since Macquarie began tracking it. This coincides with a reduction in new COVID-19 cases in the US and the successful rollout of vaccines across the country.

Macquarie’s analysts believe this improving collections data is supportive of its immunoglobulin revenue and earnings growth forecasts.

In addition to this, the broker notes that CSL’s new plasmapheresis platform, which is being developed with Terumo Blood and Cell Technologies, has the potential to lift yields meaningfully.

The broker believes the innovative plasma collection platform could increase yields by 10% per donation in the future, which would give its gross profit a big boost if granted regulatory approval.

Who else is bullish?

Macquarie isn’t the only broker that is positive on the CSL share price. A number of other brokers also have the equivalent of buy ratings on its shares.

For example, Credit Suisse has an outperform rating and $315.00 price target on its shares and UBS has a buy rating and $330.00 price target.

The latter implies potential upside of 13% for the CSL share price over the next 12 months.

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The post Why the CSL (ASX:CSL) share price is rising and could keep climbing appeared first on The Motley Fool Australia.

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