Well, not really a victory lap, given everyone saw it coming, and in any case the stock bounced 15% over that time, and is even up today, but Hardies (JHX) has finally moved guidance lower, as we expected.
This is the first move. If they lower again, you’ll begin to see more meaningful moves as the narrative changes.
In turn, that seems like a reasonable bet, given that mortgage rates have doubled from lows, mortgage applications have plunged, and homebuilders are reportedly quite depressed.
We are very interested, but, think it should be markedly cheaper first.
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