CSL has been one of the sector losers through 2023, with “wonder weight loss drug” Ozempic weighing in the stock in October even though only ~8% of its earnings are exposed. MM sold out of CSL in April and June on valuation grounds, adopting a negative stance toward this market darling for most of the 3Q; however, since last month’s washout on the downside, we’ve adopted a less bearish outlook.
- We will consider CSL if/when we look to increase our healthcare exposure after its rerating through 2023.
MM is neutral to cautiously bullish toward CSL ~$250
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