Market Overview

UPDATE: Deutsche Bank Downgrades James Hardie Industries to Hold on New Zealand Liability

Related JHX
James Hardie Industries Down to Sell - Analyst Blog
Top 4 Stocks In The Cement Industry With The Highest Dividend Yield

In a report published Wednesday, Deutsche Bank analyst Emily Behncke downgraded the rating on James Hardie Industries (NYSE: JHX) from Buy to Hold, and slightly lowered the price target from $10.00 to $9.28.

In the report, Behncke noted, “James Hardie announced today the NZ Ministry of Education has commenced litigation against James Hardie and other parties in relation to ‘weathertightness defects' (or leaky schools) at ~300 schools in NZ. Based on numbers published by the NZ Ministry of Education, the total repair cost estimate is NZ$1.5b. In addition to the repair costs, there may be unspecified and unquantified damages in relation to the defects. We reduce our recommendation to Hold.”

James Hardie Industries closed on Tuesday at $9.59.

Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings

 

Most Popular

Related Articles (JHX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free