LLOYDS TSB SAYS REVENUE GROWTH EXCEEDS COST GROWTH IN ALL DIVISIONS
LLOYDS TSB EXPECTS FY PRETAX PROFITS 'IN LINE WITH MARKET EXPECTATIONS

HSBC CUT TO NEUTRAL' FROM 'BUY' AT MERRILL LYNCH - DEALERS

Morning all.

STOCKWATCH Barratt, Persimmon & Wimpey initiated as 'underweight' at JP Morgan

LONDON (AFX) - UK housebuilders will be eyed in opening deals today as JP Morgan initiated coverage on Barratt Developments PLC, Persimmon PLC, George Wimpey PLC with 'underweight' recommendations, while Taylor Woodrow PLC was given a 'neutral' rating, dealers said.
JP Morgan said the recommendations reflect its cautious view on the outlook for the housing markets in the UK -- mainly prices -- and the US -- mainly volumes.
JP Morgan set a price target of 493 pence for Barratt, 507 for Persimmon, 278 pence for Taylor Woodrow, and 373 for Wimpey.
JP Morgan highlighted these valuations contrast with the average 12 pct upside to its 12-month valuations for the 16 European construction and building
materials companies already under coverage.
JP Morgan has also estimated by how much these valuations could decline by
the end of 2006 if land prices weaken as house prices stabilise and building costs continue to increase.
On this basis, the broker's valuations decline to 452 pence for Barratt, 477 for Persimmon, 266 for Taylor Woodrow and 345 for Wimpey.

gone long phtm at 94.5 target 110 by march.

Afternoon. Sorry no news today, forgot to set alarm after working on house 'til late.

Stopped out of WMK -5 earlier.

Have a good day/week