BUZZ-Howden Joinery: falls as in-line H1 fails to support valuation

** Kitchen maker Howden Joinery retreats from a record hit late June & poised for biggest one-day drop in a year

** Analysts describe results as solid, UK H1 depot revenue up by 8.6% (on a same depot basis), co says well placed to achieve FY expectations

** N+1 Singer flags that upgrades of any significance look unlikely -- something that would have been needed to grow into the rating which, it says, looks over-extended on a 19x 2015 PE

** Stock, down 4.5%, top faller on FTSE 250 in trading volume at 3/4 of 90-day daily avg after >2 hours

** Share (LSE: SHRE.L - news) price weakness catches some off guard; stock called up 1-2% by two brokers in the pre-market

** Stock, along with housebuilders, rallied strongly since Conservative election victory which meant good prospects for both property -related & UK -focused stocks

** Thomson Reuters UK Homebuilding index up c.19% since May election & Howden 10% stronger (until Wednesday's close) (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)