Updates with share moves, comments from Macquarie and Morgan Stanley
** ASX-listed shares of fiber cement maker James Hardie Industries JHX.AX extend losses, slip as much as 4.9% to A$38.06, their lowest levels since June 13, 2023
** Co announces deal to buy U.S. artificial decking maker AZEK AZEK.N in deal priced at $8.75 billion
** Stock is the top loser in the ASX 200 benchmark
** Macquarie downgrades stock to "neutral" from "outperform" and cuts PT to A$44 from A$65 on estimating that the proposed transaction will dilute returns materially, weighing on valuation
** Both Citi and Morgan Stanley flag risks of a weaker housing market and rising raw material costs
** Morgan Stanley expects market to be skeptical of revenue synergy targets set by co
** Stock down 20.1% YTD
(Reporting by Kumar Tanishk and Sneha Kumar in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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