Barclays Starts James Hardie Industries (JHX) at Equalweight

Barclays analyst Matthew Bouley initiates coverage on on James Hardie Industries (NYSE: JHX) with a Equalweight rating and $21.00 price target.

The analyst comments: "Our Equal Weight rating reflects our caution mainly around our relative view of LPX outperforming JHX in the near term, and on JHX's unusual overexposure to new residential softness today (both regionally and by builder), alongside JHX's elevated post-deal leverage. However, we are convicted of JHX's material conversion share gain narrative and efforts to broaden penetration within both new construction and R&R, with Primary Demand Growth (PDG) consistently at the core of the story. The AZEK acquisition should be a meaningful propeller of growth on top of this. In the medium term, we think that at market inflection, JHX can see outsized growth and capitalize on its existing growth initiatives."

For an analyst ratings summary and ratings history on James Hardie Industries click here. For more ratings news on James Hardie Industries click here.

Shares of James Hardie Industries closed at $20.01 yesterday.

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