CSL’s December-half results outpaced Morgans’ forecasts but met management’s guidance, thanks to a strong performance from Seqirus which benefited from pandemic-inpsired demand for influenza vaccines.
FY22 guidance is weaker and the broker eases earnings forecasts roughly -2%.
But Morgans believes the covid tide is turning for plasma collections and issues a call to action on CSL, saying now is the time to enter.
Add rating retained. Target price eases to $327.60 from $334.70.
Sector: Pharmaceuticals, Biotechnology & Life Sciences.
Target price is $327.60.Current Price is $276.03. Difference: $51.57 – (brackets indicate current price is over target). If CSL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
