Rightmove shares have had their buy' rating reiterated by investment analysts at Nomura which suggests there could be a potential one-third growth from the company's current price.
Nomura has put a potential top value of about 3,000 on the stock, which is currently trading at around 2,200.
This latest status is one of 11 buy' assessments made by investment analysts on Rightmove in recent weeks. However, Jefferies Group, another analyst, has put a less enthusiastic hold' status on Rightmove - one of four analysts with that recommendation.
Some six weeks ago analysts at Barclays gave an overweight' rating on Rightmove's shares; to date, no other analyst has endorsed that position, although Rightmove's share price has been volatile in the past 12 months with a low of 2,046.9999 and a high of 2,814.
Analyses of this kind are of interest because of the large size of Rightmove's market cap - approaching £2.2 billion - and because market observers want to see if it is affected by moves from next year's challenger OnTheMarket.
The new portal, formerly Agents' Mutual, is encouraging agents to de-list from Rightmove or its current rival portal, Zoopla.
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Comments
I think there is a portal threat on the horizon but not from OTM I just feel that the savvy buyers and sellers use the portals for research and entertainment but are increasingly using other means to choose their agent and find their homes. Reviews and legwork are just as important as portals, probably more so. Buyers are realising you can't find newly listed property on the portals, to get a preview or a first call you have to sell yourself to the local agents. Sorting the wheat from the chaff has always been the agents main job and always will be.
Didn't Jeffries handle the zoopla float If so then maybe that explains their minority position on Rightmove