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A respected brokerage firm has warned Rightmove that its recent successful share performance may come under pressure if its clients move to Agents' Mutual's rival OnTheMarket performance.

Canaccord Genuity - one of a number of investment advice services which talked up Rightmove's status to investors - has lowered its rating for the portal from 'buy' to 'hold'. It says this is to be expected after the portal's stock price rose significantly - about eight per cent - since its good half-year figures released at the end of July.

The broker said that Rightmove generates high-quality returns and the business has good momentum. But a statement says: "As the share price rises the value attractions reduce."

Canaccord Genuity says that in the absence of any significant news on membership of Agents' Mutual it is leaving its revenue and earnings forecasts for Rightmove unchanged.

But it says that these estimates could come under pressure if large numbers of Rightmove's clients support Agents' Mutual's launch in 2015.

Comments

  • icon

    Harry, let guess who you work for Soupla

    • 11 September 2014 12:41 PM
  • icon

    Zoopla is cheaper and 99% as good as rightmove, Zoopla doesn't put their prices up by 10% per annum. Zoopla doesn't crap on its customers.

    • 11 September 2014 10:34 AM
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    I thought we were being told that everyone would be jumping ship from Zoopla not Rightmove

    • 11 September 2014 09:21 AM
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