At Wednesday’s market close, the global biotech’s shares rose 0.68% to $261.76 apiece.
By comparison, the benchmark ASX 200 index shed 0.20% to 6,508.5 points.
What drove CSL shares higher today?
With no announcements from the company, investors rallied the CSL share price throughout the day.
A rebound on the S&P/ASX 200 Health Care Index (ASX: XHJ) helped support this move after falling almost 2% in the past week.
Investors appeared to have focused on performing sectors as most of the market headed for another day of losses.
During the March quarter, inflation rose by 5.1% which was the highest level seen in many years.
And with the United States possibly facing a recession in 2023, this has sent investors packing.
Nonetheless, CSL shares continue to trade at attractive levels with many brokers believing its undervalued.
As such, the broker has a buy rating and price target of $335. This represents an upside of roughly 28% based on the current share price.
On the other hand, Morgan Stanley has an overweight rating with a price target of $302 per share. While not as bullish as Citi, this still implies an upside of about 15% from where CSL trades today.
CSL share price summary
Since the start of 2022, the CSL share price has fallen by roughly 10%.
However, when looking further back, its shares are down almost 13% in the past 12 months.
CSL is the third largest company on the ASX with a market capitalisation of approximately $126.17 billion.