UPDATE: Commonwealth Bank Upgrades James Hardie Industries; Raises PT

According to a research report published this morning, Commonwealth Bank has upgraded James Hardie Industries

from Sell to Hold, and raised PT from $6.80 to $7.40. In the report, Commonwealth Bank said, "JHX reported FY12 NPAT (before significant items) of USD140.4m (USD116.7m pcp). This was above our expectation of USD137.4m, slightly above the top-end of guidance. 4Q12 NPAT of USD32.1m was also above our expectation of USD28.6m. Operationally, however, the result was below our expectations, APFC in particular. In USFC, despite the improved volumes and lower input costs, margins remained under pressure due to higher fixed and organizational costs and continued pricing pressure. In APFC, Australian volume weakness was the primary earnings driver. JHX declared a final unfranked dividend of USD0.38ps." James Hardie Industries is currently trading at $36.52.