James Hardie's Share-Price Rally Still Has Legs

Dow Jones09-03

2352 GMT [Dow Jones]--James Hardie Industries's share price has risen more than 50% from its May low, and its bull at Morgan Stanley thinks the rally has further to run. Analyst Joseph Michael said James Hardie's 1Q result increased confidence in its ability to deliver above-market growth despite a weak U.S. housing backdrop. Also early integration savings following its acquisition of AZEK and stronger cash generation are reducing risk around its balance sheet, MS says. "The stock has re-rated, but we still see upside as James Hardie executes on self-help initiatives, with additional optionality from a U.S. housing recovery," MS says. It rates James Hardie at overweight, with a A$48.00/share price target. James Hardie ended Wednesday at A$39.92.

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