This key ASX stock pick in the building sector has multiple re-rating opportunities

Many ASX building material stocks have been outperforming but one laggard has several opportunities to play catch up in 2021.

The stock in question in the Boral Limited (ASX: BLD) share price, which is barely sitting on a 1% gain over the past year.

In contrast, the James Hardie Industries plc (ASX: JHX) share price surged 26%, BlueScope Steel Limited (ASX: BSL) share price added 17% and CSR Limited (ASX: CSR) share price gained 8%.

2021 outlook for ASX building material stocks

Sentiment towards these stocks have been bolstered by stronger than expected housing construction approvals and starts in the US and Australia.

The sector is likely to remain well supported despite fears that tailwinds will start to wane.

“Looking into…