Australia's CSL gains after Citi soothes investors on spin-off concerns

Shares of biotech firm CSL CSL.AX rise as much as 2.7% to A$203.690, their biggest intraday pct gain since August 21
Citi retains its "buy" recommendation for shares of Australia's fourth-largest co as it spins off Seqirus, its vaccine division
Shares of CSL have fallen nearly 26% from a month ago when it announced its restructuring plans
Citi leaves room for optimism, says its PT of A$265.00 can be supported if co can convince investors of better-than-expected low-single-digit sales growth for Seqirus
Also sees opportunity for co to reassure investors with a credible pipeline rebuild at its November capital markets day
However, brokerage cuts PT to A$265.00 from A$300.00 to include greater capital expenditure in the outer years of forecast period
Fifteen analysts rated "buy" on avg, with median PT coming at A$297.01, as per LSEG-compiled data
YTD, shares down 28.6%