2327 GMT - Reliance Worldwide continues to face multiple headwinds, which are reflected in the plumbing fittings supplier's cheap valuation, Jefferies says. "We are optimistic on a potential turn on U.S. housing activity which Reliance should benefit from, although 2H FY26 could still prove challenging," analyst Ramoun Lazar says. Reliance doesn't expect any tariff impacts in FY27. Still, Jefferies says its ability to absorb further cost rises could be difficult in the near term. Notably, copper prices have risen 34% over the past 12 months. "Valuation remains appealing for an eventual upturn in activity although our preferred play on housing thematic remains James Hardie," says Jefferies. Its price target on Reliance Worldwide falls 9.7%, to A$4.65/share. Reliance Worldwide is down 1.3%, at A$3.77 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

January 20, 2026 18:27 ET (23:27 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.