Regular readers will recall that we’ve had a bearish bias on JHX since it broke the $22.50 level in the early part of May.
At that time, the stock was trading at 27 times earnings on a 2.2% annual yield
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A weaker US house construction market combined with a general contraction in US retail sales has kept shares of JHX offered over the last several weeks.
We maintain our downside target of $18.00 per share over the medium-term.
James Hardie
