The CSL Limited (ASX: CSL) share price finished higher today despite the S&P/ASX 200 Index (ASX: XJO) closing in the red.
At Wednesday’s market close, the global biotech’s shares rose 0.68% to $261.76 apiece.
By comparison, the benchmark ASX 200 index shed 0.20% to 6,508.5 points.
What drove CSL shares higher today?
With no announcements from the company, investors rallied the CSL share price throughout the day.
A rebound on the S&P/ASX 200 Health Care Index (ASX: XHJ) helped support this move after falling almost 2% in the past week.
Investors appeared to have focused on performing sectors as most of the market headed for another day of losses.
The recent volatility across the ASX has been impacted by the talk surrounding more possible rate hikes to combat inflation.
During the March quarter, inflation rose by 5.1% which was the highest level seen in many years.
And with the United States possibly facing a recession in 2023, this has sent investors packing.
Nonetheless, CSL shares continue to trade at attractive levels with many brokers believing its undervalued.
In particular, Citi remains positive on CSL shares due to its high-growth and defensive qualities.
As such, the broker has a buy rating and price target of $335. This represents an upside of roughly 28% based on the current share price.
On the other hand, Morgan Stanley has an overweight rating with a price target of $302 per share. While not as bullish as Citi, this still implies an upside of about 15% from where CSL trades today.
Since the start of 2022, the CSL share price has fallen by roughly 10%.
However, when looking further back, its shares are down almost 13% in the past 12 months.
CSL is the third largest company on the ASX with a market capitalisation of approximately $126.17 billion.
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