At the start of the year, plenty of brokers were recommending an ASX 200 share that has since risen by 114.3% and has just hit yet another 52-week high today.
That ASX 200 share is building materials supplier James Hardie Industries plc (ASX: JHX).
In early trading on Wednesday, the James Hardie share price is up 2.1% to $55.88. Meantime, the S&P/ASX 200 Index (ASX: XJO) is up 0.77% to 7,559 points.
In late 2022 and early 2023, a bunch of brokers including QVG Capital, L1 Capital, and Goldman Sachs were backing the stock to outperform in 2023.
They argued that the ASX 200 building materials share had been oversold due to the Australian and US housing market downturns in 2022, but remained attractive for long-term investing.
When James Hardie lowered its FY23 earnings guidance in February, top broker Citi said it was a "buying event" for investors.
If you'd listened to all this advice and put $10,000 into James Hardie on the first day of trading this year — when it closed at $26.12 per share — your holdings would now be worth a cool $21,368.
And James Hardie appears set to remain on a positive trajectory.
The ASX 200 share hit a new 52-week high in early trading this morning, reaching $56.05 apiece.
Image source: Getty Images
What do the experts think about this ASX 200 share today?
The consensus rating among the analysts on CommSec today is a moderate buy. The rating was reduced from a Strong Buy just a fortnight ago.
The latest analysis from Goldman Sachs describes the business as "outperforming the market without sacrificing margin". The broker has a buy rating on the stock and a 12-month target price of $54.45.
Goldman Sachs commented:
We increase our FY24e estimates by 14%, largely driven by an increase in expected North America earnings. This reflects a better volume outlook with associated operating leverage.
Based on guidance, the 3Q base was substantially better than we had forecast, and normal seasonality would suggest ~MSD+ sequential growth into the 4Q.
Our FY25/26 estimates have increased ~12%. As a result of our forecast changes, partially offset by a lower reference market multiple our TP increases to $54.45. Retain Buy.
