The giant that is CSL continues to make progress with the company’s shares that exceed the $ 300 level for the first time today, as its market capitalization increased to more than $ 135 billion.
A bullish note from the Credit Suisse broker may have contributed to the latest upward momentum with the investment bank analysts pointing out a possible revenue improvement in the company’s first half results.
“The current market dynamics … supports earnings growth of 11 percent in fiscal year 20 and earnings growth of 22 percent in fiscal year 21 and management is likely to increase orientation in the first semester results, “he told customers.
Credit Suisse has improved its earnings per share forecasts for CSL by about 2 percent, which has led to its target price rising to $ 320. It retains a superior performance rating in the stock.
“While the CSL valuation can be seen as demanding, to quote 39.3 times the 12-month advance P / E and a 90 percent premium to S & P / ASX 200 industrials ex-financials, the valuation is justified given the solid CSL’s position in the market in an industry niche that has solid foundations, “he said.
CSL shares rose 0.5 percent to $ 299.31 at the time of writing.