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