* We make modest cuts to our forecasts post Brexit
* Sector pull-back broadens Buy opportunities; upgrade Wienerberger and Braas Monier to Buy (from Hold) and
Lafarge to Hold (from Reduce)
* Preferred picks: HEI, Buzzi, CRH, Wienerberger, Braas Monier
We are Buyers of 8 out of 10 of our European coverage (upgrading Wienerberger and Braas Monier to Buy from Hold) after a post Brexit just over 10% aggregate fall in share prices and a limited 4% average downgrade to our 2018 EBITDA forecasts. The UK sales exposure in the sector is low, at an average 8%, where we expect a 10% composite fall in non-residential output in 2017-18 and stagnation in residential output.