Despite a robust first half result , UBS expects a significantly lower second half net profit. UBS delays expectations for a recovery in plasma collections until the fourth quarter of 2021 as storms and pandemic -related stimulus are affecting centre attendance.
A roll-out of a coronavirus vaccine should assist in recovery but this is taking time based on the current rate of deployment. A higher Seqirus earnings base partially mitigates the protracted recovery in Behring. Buy rating retained. Target is reduced to $330 from $339.
Sector: Pharmaceuticals, Biotechnology & Life Sciences.
Target price is $330.00.Current Price is $289.00. Difference: $41.00 – (brackets indicate current price is over target). If CSL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
