The CSL Limited (ASX: CSL) share price is outperforming the S&P/ASX 200 Index (ASX: XJO) today. CSL shares are up 1.35% to $283.39 apiece while the ASX 200 is down 0.4%.
The market is a mixed bag today with some sectors up and some down.
The S&P/ASX 200 Health Care Index (ASX: XHJ) is up 1.41%, making it the second-best performing sector of the day so far. It ranks behind S&P/ASX 200 Utilities (ASX: XUJ), which is having a screamer — up 14%.
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COVID-19 disrupts trajectory of CSL share price
The CSL share price was on an incredible upward trajectory before COVID-19 hit in February 2020.
This time five years ago, the CSL share price was $144. It rose to a peak of $342.75 on 20 February. That's a 138% gain in 27 months. Oh, yes. That's a stratospheric growth for a company the size of CSL.
Then the world caved in over COVID-19 and it's been a very bumpy ride for CSL shares ever since.
Is it time to buy this ASX market darling?
A bunch of brokers are now feeling very positive about the CSL share price, and the future of the company.
Today, The Australian reports that Credit Suisse has raised its rating on CSL shares to outperform.
The broker isn't alone in its optimistic outlook.
As my Fool colleague Tristan reported yesterday, Morgans has an add rating on CSL with a 12-month share price target of $312.50.
Morgan Stanley has an overweight rating on CSL with a price target of $327. Ord Minnett has a price target of $330. Citi goes a couple of steps further with a 12-month share price target of $340.
My Fool colleague Tony also reports that 15 out of 18 analysts on CMC Markets rate CSL a buy.
Fairmont Equities managing director Michael Gable told The Bull this week:
The share price of this blood products company has been relatively flat in the past two years. Because CSL is a growth stock, interest rate rises have kept a lid on the share price.
But with interest rate rises poised to slow or even cease in the new year, Gable feels like CSL shares have a fighting chance to return to glory.
The recent acquisition of Vifor Pharma should add to CSL's earnings next year, and a topping out in interest rates should also assist a share price recovery.
