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In a report published Thursday, Bank of America analyst Ben Chan upgraded the rating on
James Hardie Industries plcJHX from Neutral to Buy, and raised the price target from $52.00 to $59.78.
In the report, Bank of America noted, “James Hardies derives approx 80pct of earnings directly from the now recovering US housing sector which offers excellent LT earnings growth prospects when combined with expected market share gains. The valuation also benefits from a falling A$ and the balance sheet can facilitate continued strong capital management.”
James Hardie Industries plc closed on Wednesday at $44.75.
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