Threats of a global recession and heightened market volatility may not be enough to stop the CSL Limited (ASX: CSL) share price from topping $300 again.
Shares in the biotech tried repeatedly and failed to break above this elusive target since July.
But several experts believe this will happen within the next 12 months, if not sooner. This is despite the S&P/ASX 200 Index (ASX: XJO) and global markets being roiled by aggressive rate hikes, geopolitical tensions and a sputtering economy.
Can the CSL share price break its record high?
Citigroup is one that's tipping the CSL share price to not only race above $300, but to break its record high of $336.40 that was hit in February 2020.
The broker is recommending investors buy CSL and has a 12-month price target of $340 a share. This reflects around a 20% upside to CSL's closing price yesterday.
Citi isn't the only one that's bullish on the company. The analysts at Macquarie Group Ltd (ASX: MQG) have set a target of $329.50 on the CSL share price.
Upside from potential new drug
Macquarie reiterated its outperform call on the shares following the successful Phase 3 trial of garadacimab. This is a factor XIIa-inhibiting monoclonal antibody for the prevention of hereditary angioedema (HAE).
Macquarie believes the drug can take market shares (if approved). This is because of its higher efficacy and favourable dosing when compared to current treatments.
The broker said in its note, which was released two weeks ago:
We also assume pricing in line with Haegarda on an annual cost per patient basis, but with a slightly higher gross margin.
In aggregate, these assumptions imply increased HAE product revenue for CSL to FY27 (ahead of our current assumptions i.e. Haegarda and Berinert only), with solid gross profit and earnings upside (incremental EPS of ~9% by FY27).
Product portfolio and favourable court ruling
Another broker that's upbeat on CSL's growth outlook is Morgans. The broker noted that CSL's world-leading businesses are well placed for growth due to its superior drug portfolios, significant investment in research and development, and strong demand.
Morgans' 12-month price target on the CSL share price is $321.30 a share.
Meanwhile, a court ruling in the US is adding an extra tailwind for the company. A US District Court issued a preliminary injunction stopping US border officials from preventing Mexicans from entering the US on USB1/B2non-immigrant visas to receive cash for blood donations.
What is the CSL share price worth?
Morgan Stanley noted this is a clear positive for CSL. The company has 304 centres in the US with around 16 near the US-Mexican border.
Morgan Stanley has an overweight rating on the CSL share price with a 12-month price target of $323 a share.
