CSL – Morgans rates the stock as Hold

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First half results were better than Morgans expected. Immunoglobulin growth continues to impress and Seqirus sales were robust.

Earnings should continue to benefit from a tight plasma market. Morgans increases FY20-22 net profit estimates by up to 4.2%.

Hold rating maintained. Target rises to $303.10 from $220.30 as valuation multiples are rolled forward and the risk-free rate is lowered to better reflect current market conditions..

Sector: Pharmaceuticals, Biotechnology & Life Sciences.

Target price is $303.10.Current Price is $331.68. Difference: ($28.58) – (brackets indicate current price is over target). If CSL meets the Morgans target it will return approximately -9% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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