At MM we thought CSL’s report was ok this month with revenue growth guidance of 9-11% above consensus but the market’s reaction has been muted at best. We can see this stock re-rate back on the upside over the coming months supported by its position as a growth-oriented large cap pharma, especially as we see little near-term downside risk i.e. were keen buyers into dips under $260.
- We like the risk/reward toward CSL ~$270 as yields and the $A drift lower.
MM is considering CSL into recent weakness
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