CSL Ltd (ASX: CSL) shares are up 0.4% in afternoon trade on Wednesday.
Shares in the S&P/ASX 200 Index (ASX: XJO) healthcare stock are currently changing hands for $237.35 apiece.
Despite that tick higher, the CSL share price remains down 15.8% since the opening bell on 3 January.
That compares to a 1.8% gain posted by the ASX 200 over this same time.
So, is buying CSL shares today akin to catching a falling knife?
Or will I regret not buying the healthcare stock at just over $237?
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What's the outlook for CSL shares?
While the future is uncertain by definition, the majority of analysts are bullish on the one-year outlook for CSL shares.
Despite having a neutral rating on the stock, Goldman Sachs has a $296 12-month price target on its shares.
Citi's analysts are even more bullish, with a buy rating and a $325 price target. That represents a 37% upside from where CSL shares are trading at today.
Neither broker appears too concerned about the potential competition from Novo Nordisk's weight loss drug Ozempic to treat kidney disorders and other related illnesses, which could take a bite out of CSL's business.
CSL is still working to bring costs down to get its gross margins back up to pre-COVID levels.
On that front, CEO Paul McKenzie recently noted, "We are making genuine inroads, but there is more to do and it's just going to take some time."
More broadly, Janus Henderson Investors portfolio manager Andy Acker believes the healthcare sector's long-term outlook "appears stronger than ever".
"We think this is an attractive time to be investing in the healthcare sector," Acker said.
And last week CSL provided some promising FY 2024 guidance during the company's annual general meeting, though CSL shares dipped on the day.
The biotech stock is forecasting year on year revenue growth of 9% to 11%.
And FY 2024 guidance for net profit after tax and amortisation (NPATA) was forecast to come in between US$2.9 billion to US$3 billion on a constant currency basis. That translates to a year on year profit boost of 13% to 17%.
Time to buy?
So, will I regret not buying CSL shares at just over $237 today?
It appears that I might.
While I'm not jumping into the stock today, it's certainly high on my watchlist.
