JHX has rapidly corrected ¬20% from its August high as concerns grow that bond yields will weigh on economic strength into and through 2024, aka the oil price this morning. However, JHX delivered an excellent result in August that included a notable big beat on margins, suggesting the company is very well positioned moving forward, assuming we don’t see a painful recession.
- A month ago, we said, “We remain bullish on JHX, but we don’t believe the risk/reward is exciting chasing the stock in the $47 area” – that issue no longer exists!
MM is cautiously bullish on JHX under $39
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