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Investing.com - Canaccord Genuity upgraded CSL Ltd. (ASX:CSL) (OTC:CMXHF) from Hold to Buy while slightly lowering its price target to AUD225.00 from AUD230.00.
The upgrade comes despite CSL’s Annual General Meeting (AGM) downgrade, which Canaccord describes as an "exaggerated response" that created a buying opportunity for investors.
The downgrade was primarily attributed to CSL’s Seqirus vaccine division, where U.S. vaccination rates have failed to rebound, prompting the company to indefinitely defer its planned vaccine demerger until market conditions improve.
CSL confirmed that launch activities for ANDEMBRY, its hereditary angioedema (HAE) treatment, are ahead of plan, with Canaccord viewing the drug as a "potential circuit breaker" for CSL valuation in the near to medium term.
The research firm noted that management remains confident about the fundamentals of CSL’s immunoglobulin (IG) business, describing it as "strong" despite the challenges in the vaccine segment.
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