Analyst Shaurya Visen of Bank of America Securities maintained a Buy rating on James Hardie (JHIUF – Research Report), boosting the price target to A$44.45.
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Shaurya Visen has given his Buy rating due to a combination of factors including the belief that the recent sell-off of James Hardie’s stock is excessive and does not reflect the company’s strong fundamentals. Despite a slight decline in the share price, Visen maintains a positive outlook on the company’s future performance, forecasting a significant return potential with a price objective of A$44.45, which suggests a 22% upside.
Visen’s confidence is further bolstered by James Hardie’s robust position in the fiber cement and repair & remodel markets, which are expected to perform well. The company is recognized for its high-quality offerings and competitive edge, and its current valuation is considered attractive as it trades below its historical range. Additionally, the management’s positive tone and lower-than-expected corporate costs contribute to the reaffirmation of the Buy rating.
According to TipRanks, Visen is ranked #2339 out of 9519 analysts.
In another report released yesterday, UBS also maintained a Buy rating on the stock with a A$50.00 price target.