Macquarie analyst Peter Steyn upgraded James Hardie (JHX) to Outperform from Neutral with a price target of A$46.80, up from A$39.80, after having factored in the dilutionary impact of the Azek deal. The firm is trimming its FY26, FY27 and FY28 EPS estimates by 16%, 12% and 4%, respectively, but after a deep look at commercial synergy potential the firm believes there are fundamental business model opportunities that leverage James Hardie’s strengths that are “under-appreciated,” the analyst tells investors.
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