CSL (ASX:CSL) is going through macroeconomic challenges while operating in a rational and underpenetrated environment, said Jefferies in a Tuesday note.

The company on Tuesday cut its fiscal year 2026 revenue growth guidance to a range of 2% to 3% from its previous forecast of about 4% to 5% and narrowed its net profit after tax and amortization of intangible assets growth outlook to a range of about 4% to 7% from its earlier guidance of about 7% to 10%.

The investment firm added that the company's shares still look cheap, but given the above, it will likely take some time to re-rate.

Jefferies has kept a buy rating on CSL and cut its price target to AU$240 from AU$275.

The company's shares fell 3% in recent Wednesday trade.