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Top broker says CSL Limited should still be on your buy list

Shares in biopharmaceutical ASX-star stock CSL Limited (ASX: CSL) can’t be called cheap, but UBS still has a buy rating on the stock, which was sitting at $169.71 at the time of writing.

UBS labels the stock a buy with a price target of $175 with US industry data convincing the broker there’s still plenty of growth potential in the pipeline for the company.

CSL is currently trading about 20% above its 200-day moving average in an upward trend, with peer Cochlear Limited (ASX: COH) also trending upwards in a similar fashion with Cochlear’s price up 1% to $197.01 today and no signs of a slowdown.

Both companies have likely fared well from a plunging Australian dollar thanks to their US earnings, while globally-focused healthcare players like Sonic Healthcare Limited (ASX: SHL) have also begun to correct from a recent downturn with prices heading up 0.6% to $23.90 at the time of writing. This as the company works to strengthen its presence overseas.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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