James Hardie double upgraded to Buy at BofA upon resumption

BofA analyst Shaurya Visen double upgraded James Hardie (JHX) to Buy from Underperform with a price target of $27.35, down from $27.40, upon resuming coverage of the stock. The firm thinks the sharp 19% selloff since the Azek (AZEK) deal announcement offers a buying opportunity as BofA’s analysis suggests that the deal, if completed, is EPS accretive from FY27 and that James Hardie remains a “best-in-class company with significant moat given high-quality products,” the analyst tells investors. The firm notes that it does not include the Azek acquisition impact pending deal closure and made not changes to its estimates.