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e.g.- short(puts) RYL and BZH among HBs but TOL may be okay Merrill -(TOL) Reit 1-9 Our higher revenue forecast leads to an increase in our F3Q04 EPS estimate from $1.10 to $1.22. Our new F2004 and F2005 estimates are $4.45 and $5.30. We view Toll as the most interest rate resistant homebuilder and expect continued demand for its luxury offering. The stock is currently trading at 8.0x our forward 12-months` earnings estimate. Our $50 price objective is based on an expected 10x earnings multiple.