Market Overview

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

Share:

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.

Latest Ratings for JHX

DateFirmActionFromTo
Nov 2019Bank of AmericaUpgradesUnderperformBuy
Nov 2019CLSAInitiates Coverage OnUnderperform
May 2019CLSADowngradesBuyOutperform

View More Analyst Ratings for JHX
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings

 

Related Articles (JHX)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
SNPSCFRAMaintains160.0
GRPNMorgan StanleyMaintains1.5
PPCCFRADowngrades30.0
HMSYCantor FitzgeraldReiterates33.0
FSLRCascendMaintains60.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com