CSL Ltd (ASX: CSL) shares are climbing higher into the green in Thursday lunchtime trade.
At the time of writing, the shares are up around 0.5% and trading at $122.29 each.
Today's uptick means the ASX biotech shares have now climbed around 15% over the past month and have rebounded 33% since a 15-year low in early June.
But there is still a long way for CSL shares to go before they've recouped the huge amount of losses shed over the past 18 months.
The shares are still down around 29% year to date and are 51% lower than their trading prices 12 months ago.
The latest rebound is certainly a step in the right direction. But the question now is: can CSL shares keep climbing?
Here's what the experts expect from the biotech stock over the next 12 months.
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Buy, sell, or hold: Here's what brokers tip for CSL shares
It looks like market sentiment for CSL shares has shifted recently. Previously, brokers were incredibly bullish about the ASX healthcare share and were confident of a strong upside ahead.
But now it looks like there's a little more caution in the market.
Market Index data shows that the majority of brokers now have a hold rating on CSL shares. The $131.48 target price implies a potential 8% upside at the time of writing.
TradingView data also shows some ratings downgrades. Out of 18 analysts, 10 now have a hold stance on the biotech company's shares, and another eight have a hold or strong hold rating.
The average target price is a little higher at $140.15, which implies a potential 15% upside at the time of writing. But some are still bullish that CSL shares could climb 64% to $199.68 over the next 12 months.
Morgans is one of the more optimistic brokers. It has a buy rating and a price target of $147.59, suggesting robust upside ahead. The broker notes that CSL's long-term story remains intact. However, it thinks that a sustained recovery in sentiment may take several quarters to fully materialise while investors wait for a clear improvement in the company's financials.
Elsewhere, the team at Macquarie is more cautious. The broker has a lower price target of $114 and a neutral stance. It cites uncertainty across CSL's core plasma and albumin businesses, as well as ongoing competitive pressures.
My view on CSL shares
The latest rebound shows that investors are now looking forward to the company's FY26 results announcement and any sign that management has been able to improve operations.
I think there is a lot of potential for the company over the next few years. After all, CSL is operating in a high-growth market, and its blood plasma division dominates the market for rare blood disorders and immunoglobulin products.
Global demand for plasma therapies is strong and growing, too. There is recurring demand and limited competition, which makes CSL well-placed to carve out a significant portion of the market.
I think that once CSL is able to turn around its financials, investor confidence will follow.
