<div id="readability-page-1"><div>** Jefferies in a note analysed the impact of China's measures on albumin on Australia's CSL Ltd ** Albumin is used to replace lost fluids and restore blood volume in the human body** Brokerage keeps price target unchanged for the biotech major at A$237; maintains &#34;buy&#34; rating** Says cost containment in China weighing on albumin demand, mainly in H1 FY26, but sees rebound from H2 FY26** Cost containment measures affecting albumin demand include reimbursement limits, centralized procurement, and pricing caps; CSL to offset via differentiated pricing and retail push** Estimates albumin penetration in Chinese hospitals is only about 15%, meaning there's still significant room for growth over time** Jefferies believe majority of CSL operates in a rational, underpenetrated environment** 12 of 16 analysts rate the stock &#34;buy&#34; or higher, four &#34;hold&#34;; their median PT is A$237, according to data compiled by LSEG** Stock has fallen 34.1% this year, as of last close</div></div>

CSLLY

Jefferies maintains a "buy" rating and A$237 price target for CSL Ltd despite China's cost containment measures affecting albumin demand. They expect a rebound in H2 FY26. Albumin penetration in Chinese hospitals is low, offering growth potential. 12 of 16 analysts rate CSL "buy" or higher. The stock has fallen 34.1% this year.

Jefferies sees CSL's China albumin hit as short-term; keeps PT unchanged