It's starting to seem like a long time since the CSL Ltd (ASX: CSL) share price cracked a new, all-time record high. Today, this ASX 200 healthcare share is trading at $304.17 (at the time of writing). That is a share price CSL first hit way back in January 2020.
At the time, CSL hitting $300 was big news But it has crossed this proverbial Rubicon so many times since that it is now a non-event. In fact, CSL's last all-time high came in early 2020 as well. On 20 February, the healthcare giant hit an intra-day high of $342.75 a share – what seemed like the latest in a long string of new record highs for the company.
But when it comes to that high watermark, CSL has barely come close in the three-and-a-bit years since:
So is it possible for CSL to regain its former mojo and exceed $342.75 per share in 2023 to a new all-time high?
Image source: Getty Images
Is a new all-time high coming for this ASX 200 healthcare share?
Well, at least one ASX broker certainly thinks so. As my Fool colleague James covered late last month, broker Morgans currently has an add rating on the CSL share price. Although acknowledging CSL had some significant issues during the worst throes of the COVID pandemic, Morgans now anticipates these difficulties are behind the company.
The broker points to increased plasma collections, higher interest in influenza vaccines, and new product development as factors that it sees leading to "double-digit recovery in earnings growth".
Share price wise, Morgans points to CSL's valuation, stating that the "shares [are] offering good value trading around its long-term forward multiple of ~30x".
But Morgans has a 12-month share price target of $337.92 for CSL right now. Although that would represent a pleasing bounce from the current share price, it still falls short of CSL's reining record high.
As such, perhaps investors might be more inclined to follow the projections of another ASX broker in Citi. Citi also rates CSL shares as a buy today. But this broker has an improved share price target of $350 a share. That would of course be a new all-time high for the ASX 200 healthcare veteran.
If we accept these brokers' views, it does seem possible that CSL will close out 2023 with a new record share price under its belt (or at least close to it). But we'll just have to wait and see if Morgans and Citi are on the money, or if CSL spends another year meandering around the $300 a share mark.
CSL share price snapshot
The CSL share price has been a solid performer in 2023 so far, gaining more than 7.8% since the start of the year. The company is also up around 12.4% over both the past 12 and 24 months.
At the current CSL share price, this ASX 200 healthcare giant has a market capitalisation of $145.88 billion, with a dividend yield of 0.95%.
