James Hardie initiated with a Buy at Jefferies

Jefferies initiated coverage of James Hardie (JHX) with a Buy rating and $34 price target The firm views the company as a “rare secular growth story.” James Hardie has market leading positions in well-structured industries that allow it to outgrow the market consistently as well take price, the analyst tells investors in a research note. Jefferies believes the Azek acquisition provides a catalyst to accelerate growth and re-rerate the shares higher.