James Hardie initiated with a Buy at Truist

Truist initiated coverage of James Hardie (JHX) with a Buy rating and $45 price target The firm expects the “secular growth story” of fiber cement siding to continue long-term with low double-digit growth that includes a “healthy component” of price in addition to volume. James Hardie’s margins are one of the top three in building products, the analyst tells investors in a research note. Truist believes the shares will multiple expansion if the company upgrades its listing from a U.S. American depository receipt, saying it provide more liquidity. It believes James Hardie’s secular growth and high margins are not totally reflected currently in the shares.