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BUZZ-UK housebuilders: valuations looking stretched -Citi

Reuters - UK Focus

** UK housebuilders left nursing falls after Citi downgrades its ratings on a clutch of them on valuation grounds

** Persimmon (Other OTC: PSMMY - news) top FTSE 100 faller, down 3.9 pct, with midcaps Bellway & Barratt Developments down more than 2 pct after broker cuts trio to "neutral" vs "buy"

** Bellway (Other OTC: BLWYY - news) 's share price weakness comes even as co gives higher margin steer in a trading update

** Numis Securities also cuts its rating on Bellway - to "add" vs "buy" - to reflect recent share price run

** Sector at large had strong performance in 2014, with Thomson Reuters UK Homebuilding index up 23 pct YTD, & 17 pct QTD

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** Citi sees sector delivering another year of good growth in both earnings & net assets, with improving margins & returns in 2015

** Broker highlights balance sheets look very strong, with net cash in many cases (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)