The CSL Limited (ASX: CSL) share price rose 1.6% today to over $107 – its highest-ever share price.
However, analysts at the prominent investment bank, Deutsche Bank, believe there could still be value in the company's shares. According to a feed from Dow Jones Newswires, the analysts raised their price target on shares of the biopharmaceutical giant by 7.8% to $111.
Deutsche Bank's re-rating follows a CSL share price target of $116 set by Goldman Sachs a fortnight ago and the $105 ascribed to them last month by Credit Suisse analysts.
They are the only analysts setting bullish price target on CSL. According to the 13 analysts surveyed by The Wall Street Journal, 11 currently have a 'buy' recommendation on CSL shares, despite the average price target being $105.64 (i.e. below the current market price of shares).
Foolish takeaway
As can be seen from the graph above, CSL has proven to be one of the best blue-chip investments on the ASX – its share price has risen 2,332% in 15 years! It's important to take analyst price targets with a pinch of salt and conduct your own extensive due diligence on every share you intend to buy.
Nevertheless, despite CSL shares arguably trading above their 12-month intrinsic values (i.e. they're not a bargain today), I think long-term investors could do far worse than holding shares of CSL in their portfolios.
