Analysts from the financial service giant, Citi, have lowered the price target for the Australian company, James Hardie Industries (ASX:JHX), to A$50.50, a drop from its previous A$55.10.

The analysts believe there may be an increase in cancellations for the fiber cements manufacturer due to the current hike in mortgage prices.

However, they are still maintaining a cautiously optimistic outlook with regards to James Hardie Industries (ASX:JHX).

The opening of the market saw shares fall by 0.8%.

The stock had experienced a significant rise of 50% this year, recorded until the last closing.

James Hardie Industries (ASX:JHX) is a manufacturing company that extensively deals with fiber cement products.