The CSL Limited (ASX: CSL) share price was on form again last week.
The biotherapeutics giant's shares outperformed the market and rose 3% to end the period at $314.48.
This is the highest level the CSL share price has closed at in 2021.
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Is the CSL share price on a roll?
The CSL share price certainly appears to be on a roll. This latest gain means its shares are now up 10% since this time last month. They are also up an impressive 30% since hitting a 52-week low of $242.00 in March.
The good news is that one leading broker still believes the company's shares could rise a touch further from here.
A recent note out of Morgans reveals that its analysts have an add rating and $324.40 price target on its shares.
Why is the broker positive on CSL?
While Morgans acknowledges that FY 2022 will not be an easy year and CSL is likely to report a decline in its earnings, the broker believes the headwinds the company is facing are short term and not structural.
It commented: "FY22 guidance is targeting cc NPAT between US$2,150-2,250bn (-9% to -5%) on revenue growth between 2-5%, with management flagging a "transitional year", core plasma products "robust", but margins contracting on increased costs, and Seqirus strength ongoing."
"Our FY22-24 earnings forecasts decrease up to 6.3%, mainly on lowered GM (350bp) and increased operating expenditures across the Behring division," it added.
Morgans concluded: "We view CSL as a core holding and best positioned among its peers to meet growing patient demand, but the near term remains challenged, with timing uncertainty around a full recovery in plasma collections and increasing costs."
