CSL share price surges to new 52-week high on Thursday

It is full steam ahead for CSL shares right now. Here's why they are scaling new heights…

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It has been another positive session for the CSL Limited (ASX: CSL) share price.

At the time of writing, the biotherapeutics company's shares are up 1% to a 52-week high of $304.75.

As you can see below, this means the CSL share price is now up 16% since this time last year.

Why is the CSL share price hitting a 52-week high?

As well as getting a boost from a rising share market today, investors have been buying the company's shares due to the release of a series of positive broker notes.

One of those came from Morgans yesterday, with its analysts adding CSL to its best ideas list for February. Morgans has an add rating and $312.20 price target on its shares.

The broker believes that 2023 could be the break-out year for CSL after facing some challenging times during the pandemic. The broker commented:

A key portfolio holding and key sector pick, we believe CSL is poised to break-out this year, a COVID exit trade, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares offering good value trading around its long term forward multiple of 31.5x.

Elsewhere, analysts at Morgan Stanley believe the CSL share price can climb even higher. Yesterday, the broker reiterated its overweight rating and $354.00 price target. This implies potential upside of 16% from its 52-week high.

All in all, this could just be one of many new 52-week highs the company's shares make in 2023 if Morgan Stanley is on the money with its recommendation.

Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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