>>> Up
* Azelis Raised to Overweight at JPMorgan; PT 28 euros
* Berkeley Raised to Buy at Berenberg; PT 4,500 pence
* Inditex Raised to Buy at Citi; PT 25 euros
>>> Down
* Barratt Cut to Hold at Berenberg; PT 459 pence
* Bellway Cut to Hold at Berenberg; PT 2,300 pence
* Crest Nicholson Cut to Hold at Berenberg; PT 250 pence
* H&M Cut to Sell at Citi; PT 95 kronor
* LondonMetric Cut to Hold at Numis; PT 300 pence
* Pernod Ricard Cut to Hold at Deutsche Bank; PT 198 euros
* Persimmon Cut to Hold at Berenberg; PT 1,700 pence
* Redrow Cut to Hold at Berenberg; PT 510 pence
* Taylor Wimpey Cut to Hold at Berenberg; PT 122 pence
* Vistry Group Cut to Hold at Berenberg; PT 840 pence
>>> Initiation
* Next Rated New Sell at Citi; PT 5,100 pence
>>> Call
* Berenberg Cuts 7 UK Builders on Tougher Operating Environment
* GS Strategists Say UK Stock Rally Needs More Than Low Valuations
* H&M, Next Both Sells at Citi on Macro Pressures, Inditex Raised
* Tate & Lyle Cut to Hold at Jefferies as Cost Pressures Increase