UBS lifts long-term (FY24) estimates for US primary demand growth to 6% from 4%, assessing the way the company interacts with channel partners and end users is driving a step up in demand.
UBS points to 18 months of solid above-market growth that has been supported by the focus on channel partners and customers while targeting competition.
The broker lifts FY21-23 estimates for earnings per share by 14-23%. Buy rating retained. Target rises to $43.00 from $35.40.
Target price is $43.00.Current Price is $35.15. Difference: $7.85 – (brackets indicate current price is over target). If JHX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).