The CSL Limited (ASX: CSL) share price is being dumped amid a broader market sell-off by investors.
At the time of writing, the biotherapeutics company's shares are down 1.75% to $289.95.
For context, the S&P/ASX 200 Index (ASX: XJO) is down 2.38% today, marking its biggest drop since June 2022.
Here's why CSL shares are in reverse today
Wall Street recorded heavy losses overnight following the release of the consumer price index report for August.
The data showed that inflation rose by 0.1% on a monthly basis when the market was expecting a 0.1% decrease.
Consequently, investors digested the negative news sending the Dow Jones 3.94% lower on the day.
This is because fears are growing that the United States Federal Reserve could lift interest rates by a full percentage point.
Previously, economists were expecting at worst that the central bank would hike the rate by 75 percentage points.
However, the market is now readjusting itself to factor in a likely aggressive move by the Fed to cool inflation.
As such, investors have hit the sell button on the CSL share price due to the broader market slump.
The S&P/ASX 200 Health Care Index (ASX: XHJ), of which CSL is a part, is currently down by 1.57%.
What do the brokers think?
Despite the gloomy turn of events, CSL shares are known for their high growth and defensive qualities.
As such, a number of brokers believe the share price is currently undervalued and lifted their price targets following the company's full-year results.
As reported by ANZ Share Investing, Jefferies raised its price target by 0.8% to $320.50 per CSL share.
Furthermore, both Macquarie and Morgan Stanley improved their price target by 5.6% to $329.50, and 3.5% to $323 apiece.
Based on where CSL shares are now trading, this implies an upside of around 12%.
CSL share price snapshot
Since the start of 2022, the CSL share price has taken investors on a rollercoaster.
Its shares are flat when looking at the past nine months.
CSL is the third largest company on the ASX with a market capitalisation of roughly $142.3 billion.
