The CSL Limited (ASX: CSL) share price has jumped ahead in the past month, but some analysts are tipping it to go higher.
CSL shares have climbed more than 5% since 6 June this year and are currently trading at $284.94. In today's trade, the CSL share price is leaping more than 2%. For perspective, the S&P/ASX 200 Index (ASX: XJO) has descended more than 8% in the same time frame.
So why are some analysts predicting that CSL could rise?
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CSL tipped to outperform
CSL is an ASX healthcare share with two major revenue streams- plasma products and vaccines. The blood plasma division is responsible for about 70% of the revenue, while the flu vaccine contributes about 26%.
In a recent note, analysts at Macquarie have placed a $312 price target on the CSL share price and maintained an outperform rating.
This price target is nearly 9.5% more than the CSL share price at the time of writing.
Macquarie has tipped the CSL share price to rise due to foot traffic at plasma collection centres jumping in the United States in June.
Due to this data, the broker believes plasma collections could be at levels seen prior to COVID.
Meanwhile, investment management partner Cameron Harrison is also predicting the CSL share price could reach levels beyond $300.
Clark said demand for the company's plasma products is "very strong" due to supplies falling during COVID-19 lockdowns, as my Foolish colleague Tristan reported.
Finally, Citi analysts have also recently tipped the company's share price to increase with a $330 price target. In late June, Citi said:
Underlying demand for plasma products remains strong but supply is constrained due to low plasma collection volume.
CSL share price snapshot
The CSL share price leapt nearly 3% in the past year. In the year to date, it has descended about 2%.
For perspective, the benchmark ASX 200 has lost close to 9% in the past year.
CSL has a mammoth market capitalisation of about $137 billion based on today's share price.
