James Hardie downgraded to Underperform from Neutral at BofA

BofA analyst Shaurya Visen35.50 downgraded James Hardie to Underperform from Neutral with a price target of $35.50, up from $34.30. The analyst continues to like fiber cement as a product and James Hardie’s competitive positioning. However, the firm sees “several reasons that warrant a more cautious view.” A solid U.S. demand outlook is reflected in estimates while the stock’s valuation is “rich” post the recent share price appreciation, the analyst tells investors in a research note. BofA says James Hardie is now “priced for perfection.”