We went long JHX back in October believing the stock had been significantly oversold creating deep value and a solid risk/reward opportunity in the process. At the time our initial target was the $38 region which has now been reached following the solid Annual Report delivered last week which sent the stock up over 10% to fresh 1-year highs. However, FY24 will be tough from a volume perspective making further headway in the share price potentially far harder than the +48% recovery from its December low.
- We are considering trimming our large 5% exposure as the stock reaches our initial target area.
MM is long and cautiously bullish JHX
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