CSL (ASX:CSL) shares fell 0.4% on Friday after Morgans Financials said it expects softer sales for the Seqirus and Vifor segments of the company, according to the research firm's website.

Morgan Financials sees the company as significantly undervalued, currently trading at an enterprise value to earnings before interest and taxes ratio of 18.2 times, which is over 25% below its 10-year average of 24.7 times.

The research firm noted that a conservative sum-of-the-parts valuation suggests a fair value of AU$196 billion, indicating about 35% upside from the current share price.

The market seems to be pricing the company at less than the value of just its core Behring division, applying a roughly 10% discount and attributing no value, or even negative value, to its Seqirus and Vifor businesses, the website added.

Morgans Financial has cut its price target to AU$303.70 with a buy recommendation.