The CSL Limited (ASX: CSL) share price has been underperforming in 2021.
Since the start of the year, the biotherapeutics giant's shares are up approximately 7%.
This falls short of the S&P/ASX 200 Index (ASX: XJO) with its gain of 10.5%.
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Is the CSL share price good value at the current level?
While the CSL share price underperformance is disappointing for shareholders, it could be a buying opportunity for non-shareholders.
Two brokers that are bullish on the company right now are Morgans and Macquarie Group Ltd.
Morgans currently has an add rating and $324.40 price target on its shares, whereas Macquarie has an outperform rating and $338.00 price target.
Based on the current CSL share price of $304.68, this implies potential upside of 6.5% to 11% over the next 12 months.
Why are the brokers positive on CSL?
Both brokers appear confident in the company's long term growth profile. Macquarie notes that immunoglobulins demand remains strong and is expected to grow in the future. This should be supported by a more efficient plasma collection platform that CSL is working on at present.
Morgans appears to agree with this view. And while it acknowledges that the near term will be challenging because of plasma collection headwinds, it feels CSL is best-positioned to meet the aforementioned growing demand for immunoglobulins.
The broker commented: "We view CSL as a core holding and best positioned among its peers to meet growing patient demand, but the near term remains challenged, with timing uncertainty around a full recovery in plasma collections and increasing costs."
All in all, this could make the CSL share price one to consider for investors that are looking for options in the healthcare sector right now.
