James Hardie Industries' (JHX) remains a company-specific growth story driven more by execution than broader housing trends, increasing conviction in its long-term earnings power, Oppenheimer said in a note Wednesday.

The company's preliminary fiscal Q1 results boosts bull case, with EBITDA about 10% above consensus and fiber cement volume up mid-teens, supporting the view of fiber cement re-emerging as an organic growth story, according to the note.

The investment firm said feedback from over 80 dealers and distributors suggest that James Hardie's TimberTech is a logical replacement for Trex within Boise Cascade's (BCC) decking portfolio.

Oppenheimer said a broader Boise Cascade rollout would strengthen the rationale for the Azek acquisition and serve as a repeatable blueprint for additional distributor wins.

The firm said it continues to view James Hardie as a "beat-and-raise" story, with a path to $1.8 billion in EBITDA in fiscal 2028, supported by market growth, price, volume, and commercial revenue synergies.

Oppenheimer kept an outperform rating on James Hardie Industries, with a price target of $32.

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