We initiate coverage on James Hardie Industries PLC ( JHX ) with a BUY recommendation, believing that the Street is too pessimistic about the AZEK acquisition synergies and misunderstands its cyclicality. Our 12-month target priceAnalyst’s Disclosure:I/we have a beneficial long position in the shares of JHX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I hav ...