* Merrill Lynch (NYSE: MER - news) , in a note on UK
housebuilders, downgrades Barratt
Developments to underperform from
neutral with a 90p target, downgrades
Berkeley Group to underperform from
neutral with a 700p target, downgrades
Bellway (LSE: BWY.L - news) to underperform from neutral
with a 525p target, downgrades
Galliford Try (LSE: GFRD.L - news) to underperform from
neutral with a 35p target, downgrades
Redrow (LSE: RDW.L - news) to underperform from neutral
with a 170p target, downgrades
Persimmon (LSE: PSN.L - news) to neutral from outperform
with a 400p target, reiterates
underperform Bovis Homes with a 300p
target and has an underperform and 70p
target for Taylor Wimpey (LSE: TW.L - news)

* UBS (Virt-X: UBSN.VX - news) upgrades HBOS (LSE: HBOS.L - news) to buy from
neutral while cutting target to 350p from
550p

* Merrill Lynch upgrades Morgan
Crucible to neutral from sell, cutting
target to 205p from 220p

* Citigroup (ASFZ.PK - news) , in a note on UK retailers,
upgrades WH Smith to buy from hold,
upgrades Halfords to buy from hold,
downgrades Next to sell from buy,
downgrades Kesa Electricals (LSE: KESA.L - news) to sell
from buy, downgrades Debenhams (LSE: DEB.L - news) to
sell from hold, downgrades DSG to sell
from hold, downgrades Home Retail (LSE: HOME.L - news) to
sell from hold, downgrades Kingfisher (LSE: KGF.L - news) to
sell from hold, downgrades Sports
Direct to sell from hold and downgrades
Signet (LSE: SIG.L - news) to sell from hold. Elsewhere the
broker upgrades IG Group to buy from
hold and initiates coverage of Thomson (LSE: TRIL.L - news)
Reuters with a neutral and £18.50
target

* Deutsche Bank (Frankfurt: DB9999 - news) , in a note on UK
staffing, upgrades Michael Page (LSE: MPI.L - news) to hold
from sell with a 232p target and
upgrades Hays (LSE: HAS.L - news) to hold from sell with a
96p target

* Goldman Sachs (NYSE: GS - news) downgrades Berkeley
Group to sell from neutral with a new
six month target of 582.3p

* ING has a hold and 721p target for
British Energy (LSE: BGY.L - news)

* Lehman Bros reiterates overweight
Marks & Spencer (LSE: MKS.L - news) with a 480p target

* JP Morgan upgrades Sainsbury (LSE: SBRY.L - news) to
neutral from underweight with a 350p
target