The CSL Limited (ASX: CSL) share price has been somewhat of a lacklustre performer of late, especially when compared to its stellar runs of a few years ago. At the time of writing, CSL shares are going for $269.12 each, up a healthy 2.03% so far today.
However, CSL first crossed this pricing threshold back in November 2019. That means this ASX 200 healthcare giant has essentially been treading water ever since. That's 2-and-a-half years of waiting that shareholders have had to endure, with only CSL's sub-1% dividend yield for company.
That contrasts painfully with prior years when CSL shareholders enjoyed double-digit share price growth over 2017, 2018, and 2019.
Not that the recent share price woes are entirely CSL's fault. It was trading at what was arguably quite a high price-to-earnings (P/E) ratio prior to the COVID-induced crash of 2020. Even today, it commands a solid P/E ratio of more than 36. And the pandemic has hit CSL hard, disrupting its plasma collection businesses around the world.
What's notable is that CSL has been markedly higher in the past. The company hit more than $336 a share back in early 2020, its current all-time high. And the company's present 52-week high is at $319.78.
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Is 2022 the CSL share price's $300 year?
So is 2022 the year that CSL crosses the Rubicon and heads back to a share price north of $300?
Well, one broker who thinks it might be CSL's $300 year is Citi. As we covered yesterday, Citi has just retained its buy rating on CSL shares, replete with a 12-month share price target of $335. That would imply a potential upside of almost 25% on today's pricing.
Citi reckons CSL's plasma collections will come roaring back this year, exceeding pre-pandemic levels. This, the broker expects, will result in a "big boost to investor sentiment".
No doubt shareholders who have been waiting since November 2019 for the CSL share price to keep climbing will be hoping Citi's predictions are spot on. But we shall have to wait and see, as always.
At the current CSL share price, this ASX 200 healthcare giant has a market capitalisation of $129.6 billion, with a mostly unfranked dividend yield of 0.96%
