Morgan Stanley has changed its forecasts and price share targets for Rightmove and Zoopla.

It said of its adjustments, which included AutoTrader, that it was “not calling the bottom” of the market but said uncertainty was high.

Rightmove’s earnings were downgraded 8% and its price target cut to 4,200p from 4,500p.

Although Zoopla’s earnings estimates for 2017 were lifted 3%, the price target was trimmed to 300p from 310p.

Rightmove was still rated ‘overweight’ and Zoopla at ‘equal weight’.

Morgan Stanley analysts said: “Operationally, we see Zoopla as most at risk given its weaker competitive position.”

Separately, Peel Hunt has kept its position on Zoopla shares as ‘hold’.