James Hardie assumed with Buy from Hold at Jefferies

Jefferies assumed James Hardie (JHX) with a Buy rating from Hold with a A$63 price target The firm expects James Hardie still has flexibility in SG&A investment, particularly as a means tot achieve FY25 guidance for net profit after income tax of at least $635M+ against any further deterioration in volume. The analyst added that the firm’s FY26 NPAT view is inline with consensus, and assumes a step-up in volumes from 2H26+, underpinning +30% FY26 North America EBIT margins.