RBC upgrades Barratt and Berkeley but slashes sector targets as housebuilders face GFC-level valuations

RBC Capital Markets has upgraded Barratt Redrow PLC (LSE:BTRW) to 'outperform' and Berkeley Group Holdings PLC (LSE:BKG) to 'sector perform', while slashing price targets across the sector by an average of 25%. Barratt, upgraded from 'sector perform' with a revised 350p target, is seen as oversold following a difficult period of post-merger integration with Redrow.