The CSL share price leapt higher in May. What's next?

We check the latest on the ASX biotech giant and what may lie ahead.

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Key points

  • CSL shares climbed higher in May
  • The biotechnology company performed better than the wider healthcare sector during the month
  • Analysts are positive on the outlook for the CSL share price

The CSL Ltd (ASX: CSL) share price forged ahead in May, but could it go even higher in the future?

CSL shares rose nearly 2% from $300.58 each at market close on 28 April to $306.39 apiece at market close on 31 May. In today's trade, the CSL share price is up a further 1.21% to $310.09 at the time of writing.

Let's take a look at what's been going on with the CSL share price.

How did May pan out?

CSL outperformed the S&P/ASX 200 Healthcare Index (ASX: XHJ) in May. The index rose just 0.06% during the month.

CSL delivered a shareholder briefing to the market on 29 May. CSL shares rose more than 1% on the day.

The company said it is the fifth-largest global biotechnology company in the world, currently ranking number one for protein therapies and number two for influenza vaccines.

CSL said it expects strong plasma collection and immunoglobin growth to continue. The company also sees untapped potential in its iron deficiency segment and predicts the renal market will grow at low double-digits in the mid-term.

CSL received positive broker coverage during May. The team at Morgan Stanley retained an overweight weighting and placed a $339 price target on the company's share price. This implies a 9.3% upside for CSL, based on the current share price.

In making the forecast, CSL noted one of its rivals has indicated plasma collection costs have fallen. This may be also a positive sign for CSL.

Looking ahead, UBS has also recently placed a $330 price target on CSL shares, as my Foolish colleague James reported recently.

The broker believes CSL is "well-positioned for growth" and has a strong development pipeline. The UBS price target implies an upside of 6.4% based on the current share price.

Share price snapshot

The CSL share price has jumped 13% in the past year.

Created with Highcharts 11.4.3CSL PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

This ASX healthcare share has a market capitalisation of more than $149 billion based on the latest share price.

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Motley Fool contributor Monica O'Shea 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 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.

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