Citi downgraded CSL (CMXHF) to Neutral from Buy with a price target of A$110, down from A$200. While the firm sees arguments that “the bad news is baked in” with the stock down 16% following the announcement of the results of a business review, Citi still does not believe Ig and albumin are “on a firm footing” and think investors will be cautious, adding that “turnarounds in large therapeutics companies are long projects.”
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