The CSL Ltd (ASX: CSL) share price has been a bit of an underperformer again in 2024.

Since the start of the year, the biotechnology giant's shares have fallen 2.5%.

And unless there's a late year surge, it seems very likely that the company's shares are going to fall well short of the performance of the ASX 200 index, which is up almost 11% year to date.

But that's 2024, what about next year? Let's see what could happen.

CSL share price outlook in 2025

As long as Donald Trump doesn't make any material changes that negatively impact drugmakers in the United States, then it is looking like 2025 could be a good year for CSL's shares.

That's because all the major brokers agree that its shares are undervalued and in the buy zone right now.

This is being driven by the market's expectation that the company's key plasma therapies business is going to underpin double-digit earnings growth each year for the next few years.

So, with the CSL share price trading on lower than normal multiples, they believe there's plenty of upside ahead for investors.

For example, speaking about the investment opportunity here, Bell Potter recently said:

CSL presents an attractive buying opportunity as we anticipate the start of a margin recovery phase for CSL, driving above-market earnings growth over the next few years. CSL trades at a 12-month forward PE of ~28x, representing a discount to its 10-year average of ~31x. Furthermore, the company will continue to deleverage the balance sheet over the next few years. Given the company's proven quality and growth prospects, we believe significant upside remains.

Bell Potter has a buy rating and $345.00 price target on the company's shares. This implies potential upside of 23% for investors from current levels.

What else?

Elsewhere, Morgans currently has an add rating and $330.75 price target, which offers 18% upside for investors. It was pleased with its performance in FY 2024. It said:

FY24 results were broadly in line, with double-digit underlying top and bottom line growth and strong OCF. Strong plasma collections drove Behring sales (+15%), while Seqirus was soft (+4%) on reduced immunisation rates, albeit above market, and Vifor grew modestly given follow-on products in some EU markets. We retain our Add rating.

Over at Citi, its analysts have a buy rating and $345.00 price target and then UBS has a buy rating and $340.00 price target.

Overall, while 2024 may have been disappointing for this market darling, the signs are positive for 2025.