CSL (ASX:CSL) is expected to see potential upside to its earnings over the medium term, helped by the potential for yield improvements, according to a Thursday Jefferies note.

The investment firm said the company's commentary was cautious overall at its Behring Capital Markets Day in Chicago, but Jefferies believes that the company's Horizons 1 and 2 programs are expected to deliver about a 22% improvement in immunoglobulin yield across CSL Behring by fiscal year 2030.

Jefferies kept a buy rating on CSL with a price target of AU$240.

The company's shares rose almost 1% in recent Friday trade.