** ASX-listed James Hardie Industries JHX.AX forecasts preliminary Q2 FY26 net sales and EBITDA, nearly 45% higher than previous quarter

** James Hardie expects Q2 prelim consolidated net sales in the range of $1.29 billion to $1.30 billion; forecasts consolidated net income between $151 million and $157 million

** Analysts at Morningstar says fiber cement maker's shares are nearly 20% undervalued; keeps fair value estimate at A$42

** Investment research firm expects FY26 to be a trough year for James Hardie, with recovery from FY27; adds sales estimates are at the top end of guidance due to stronger Azek sales

** Six analysts rate JHX "buy", six rate "hold" and one "sell"; set the median price target at A$37.10, according to data compiled by LSEG

** JHX down 100% YTD

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))