The CSL Ltd (ASX: CSL) share price may have suffered since early 2020, but can it recover in the near future?
CSL shares have dropped 21% since 21 February 2020, close to the onset of the COVID-19 pandemic. In today's trade, the company's shares climbed 1.43% to $265.60 apiece.
So what is the outlook for the CSL share price?
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Where is the CSL share price heading?
Citi analysts have recently upgraded CSL to a buy with a $335 price target. That's 27% higher than its current value. Citi's price would take the share very close to its five year high of $336.40 on 21 February 2020. The broker is optimistic plasma collection improvements will have a positive impact on the company's shares.
FNArena founder Rudi Filapek-Vandyck also predicts the CSL share price will rise again soon. The analyst believes CSL "will find its mojo again". Filapek-Vandyck added:
I recently bought some extra shares in CSL. The business model was disrupted because of COVID… If I look forward to the next two to three years, I see an environment where CSL will again come to the fore.
Looking to the near future, CSL could also be one of the companies to benefit from onshore manufacturing of pharmaceuticals, announced in the lead up to the federal budget. My Foolish colleague Zach reported today Bloomberg's Jackie Edwards believes this manufacturing push could put CSL in the spotlight. The federal budget will be delivered this evening at 7.30 pm.
JP Morgan analysts have also put an overweight rating on CSL, valuing the company at $295 per share. This is 11% more than the current share price.
CSL recently made the cut for a list of one of the greatest ASX listed companies of all time. QVG Capital included CSL in a list of its ASX "hall of famers".
Share price snapshot
The CSL share price has dropped nearly 9% year to date while it is up a slim 0.08% in the past year.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has gained nearly 10% in the past 12 months.
CSL has a market capitalisation of around $128 billion based on its current share price.
