0014 GMT - Building materials supplier James Hardie loses a bull as hopes for a near-term interest-rate cut in the U.S. dwindle. Macquarie drops to neutral, from outperform, because it now expects the Fed to reduce its benchmark rate in December, having previously tipped a maiden cut in July. The bank also projects 50 basis points of rate cuts in 2025. "While we remain staunch believers in the longer-term positioning of James Hardie within a structurally growing U.S. Repair & Remodel market context, delayed interest rate cuts defer the timing of recovery," says Macquarie. "We think this presents a headwind to near-term performance, as it dampens re-rating prospects." (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
April 11, 2024 20:15 ET (00:15 GMT)
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