Big sell call on CSL, page-25

Some market commentary from today..
DJ CSL Target Price Cut 3.0% to A$326.00/Share by Goldman Sachs
CSL Price Target Cut 1.9% to A$265.00/Share by Morgan Stanley

Morgan Stanley now estimates that blood plasma collections by biopharma giant CSL will be down 25% in the June and September quarters, a worse decline than the 10% Morgan Stanley was previously predicting. Costs are also expected to rise by 5% per liter. Part of the problem is that Florida, California and Arizona, three states where the coronavirus recently accelerated, account for 30% of CSL's plasma-collection capability. Although collection centers are open, the pandemic and related social-distancing measures are making some donors wary. For Australia-based CSL, which reports fiscal 2020 earnings in August, the slowdown in plasma collections will be reflected in future sales, Morgan Stanley says. The investment bank has an equal-weight rating on CSL shares for now.