James Hardie Industries' (ASX:JHX) 2026 guidance points to a "challenging but realistic" macro environment, but "attractive" long-term growth is expected, said Morgan Stanley in a Wednesday note.
The company reported Wednesday that its adjusted earnings per diluted share in the fiscal fourth quarter fell to $0.36 from $0.40 per diluted share a year earlier. Analysts polled by FactSet expected $0.36.
The company's European sales signal a positive trend, the note said, as sales volumes for its fiber cement grew 14%.
The investment bank noted that the company's balance sheet adds "comfort" for investors as lower-than-expected capital spending shows manageable leverage.
Morgan Stanley said the company's outlook for North America's macro conditions "makes sense" because of similar data from its peers.
Morgan Stanley has maintained James Hardie's overweight rating with a reduced price target of AU$53 from AU$55.
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