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Strategies & Market Trends : 50% Gains Investing

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To: Dale Baker who wrote (55180)	8/21/2007 3:28:26 PM
From: stevenallen	of 118717

BofA downgraded Toll Brothers (TOL) to Sell from Neutral, reducing the tgt to $19 from $29, and downgraded Hovnanian (HOV) and Standard Pacific (SPF) to Neutral from Buy, reducing the tgts to $12 from $19 and to $10 from $19 respectively, as they believe mortgage distress has stoked liquidity fears. Firm senses that cancelations jumped across the industry in recent weeks as lenders pulled commitments from buyers already in backlog and new buyers failed to qualify. As such, they believe HOV and SPF will come out on the low end of mgmt's 2H/07 cash flow goal, and HOV missing the FY/08 goal as well. For TOL, they expect move-up and luxury sales to get hit from recent mortgage distress as wider spreads and less availability of Jumbo loans push homeownership out of reach for many of TOL's buyers.

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