** James Hardie Industries' Australia-listed shares JHX.AX marginally up 0.7% at A$38.61

** Cement manufacturer will report Q4 results on May 21

** UBS says focus will likely be on FY26 volume growth outlook given increasingly uncertain short-term macro backdrop for U.S. housing demand, but expects favourable long-term demand

** UBS reduces EPS estimates by 3% for fiscal years 2026 and 2027

** Brokerage cuts PT to A$50 from A$60, retains "buy" rating

** Tariff-related inflation and rate uncertainty are likely to weigh on building materials sector performance in general in the short term - UBS

** Stock down nearly 23% this year, including current session's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))