** Next falls 1.8 pct despite a 19 pct increase infirst-half profits.
** Second-biggest faller on FTSE 100 after rising 39pct in the last year second most-traded on index, at over 90 pctof 30-day average by midday.
Chart: http://link.reuters.com/gam82w
** Market cites profit taking as main reason for fall.
** "I suspect [the fall is profit-taking], but it should beput in the context of a 39% hike in the last year," said RichardHunter, head of equities at Hargreaves Lansdown.
** Stock scores poorly on StarMine's relative valuationmodel, trading at a large premium to its ten-year average on allmajor metrics.
** P/E ratio of 16.6 is nearly 50% more than the long-termaverage.
Chart: http://link.reuters.com/ham82w
** "We note some caution in the outlook as the business lapsa better trading environment, low interest rates and appetitefor consumer credit in 2015," said an analyst with a five-starranking in StarMine, rating the stock a "hold".
** Two analysts rate a "sell", fourteen "hold", eight "buy". (RM: alasdair.pal.thomsonreuters.com@reuters.net)