Well, things were looking up for the CSL Ltd (ASX: CSL) share price. Until 12 February earlier this month, that is.
Between late October and 12 February, CSL shares were on a tear. This ASX 200 healthcare stock rose more than 32% between those two dates. But after the company released some bitterly disappointing test results for a new cardiovascular drug, investors lost a lot of their confidence.
Since 12 February, CSL shares have tanked by more than 6.6%, falling from over $300 each to the $285.50 we see today (at market close).
Not even a confident earnings report earlier this month could restore investor enthusiasm. As we covered at the time, those earnings revealed that CSL was able to record an 11% rise in revenues, as well as a 20% increase in net profits for the six months ending 31 December. Investors were also treated to a 12% dividend pay rise.
Check out the CSL share price's movements below for yourself:
So with CSL shares coming off the boil and seemingly not getting back on, ASX investors might be asking themselves whether CSL shares have further to fall. After all, it was only in late October that this healthcare giant got as low as $228.65 a share.
Image source: Getty Images
Does the CSL share price have further to fall?
Well, let's see what some ASX experts think.
Following the release of CSL's earnings, my Fool colleague James covered the views of ASX broker Morgans. Morgans did trim its price target for CSL shares following its disappointing trial results. But it still rates the company as an add following its earnings, with a price target of $315.40. If realised, that would represent an upside of more than 10% from current prices.
Morgans was happy with what CSL reported earlier this month and evidently sees significant value in the company's share price at its current levels.
But Morgans isn't the only expert that is eyeing off the healthcare giant right now. eToro analyst Josh Gilbert shares a positive view. Here's some of what he recently said about CSL right now:
CSL shareholders will have reason to smile today with the release of a solid half-yearly report… [These] results show that the business continues to move in the right direction, and there is plenty to be positive about. With solid profit growth, a healthy dividend, solid guidance, and interest rate cuts not far away, CSL will be on investors' watchlists.
So it appears that at least two ASX experts reckon CSL shares are more likely to head up than down going forward. But, as always, we'll have to wait and see if that turns out to be the case.
