It has been an uncharacteristically underwhelming 12 months for CSL Ltd (ASX: CSL) shares.
Over the period, the ASX biotech stock has lost around 10% of its value.
As a comparison, over the past 15 years, this magnificent company's shares have generated an average total return of 16.6% per annum.
This would have turned a $10,000 investment in the ASX stock back in 2009 into $100,000 today.
And while recent weakness is very off-brand for CSL and disappointing for shareholders, it could prove to be a buying opportunity for non-shareholders.
A large number of analysts share this view. They currently have buy ratings on the company's shares and price targets that suggest market-beating returns are possible.
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What are analysts saying about this ASX stock?
One broker that is particularly bullish on CSL is Morgans. In fact, the broker has named the company on its best ideas list again this month. It has an add rating and a $315.40 price target on it, which implies a potential upside of almost 13% over the next 12 months.
It highlights the company's shares are undervalued compared to historical averages. This is despite the ASX stock having a very bright outlook. It said:
While shares have struggled of late, we continue to view CSL as a key portfolio holding and sector pick, 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 trading at 25x, a substantial discount (20%) to its long-term average.
Analysts at Macquarie are even more bullish on the ASX stock. They currently have an outperform rating and a $330.00 price target on CSL's shares. This suggests that an upside of 18% is possible between now and this time next year.
The broker is very positive on the company's outlook. So much so that it sees scope for CSL's shares to rise to $500 within three years. This is almost double its current share price, which means that if Macquarie is on the money with its recommendation, investors will see some very big annual returns over the next three years.
In addition, the team at UBS remains very positive. Last month it retained its buy rating and $330.00 price target on CSL's shares. UBS believes the ASX stock can achieve high-teens earnings growth over the next few years.
All in all, the broker community believes this magnificent ASX stock could be worth buying and holding at current levels.
