Investment bank Canaccord has come down firmly in favour of Rightmove, saying it  is “surprised” that Agents’ Mutual has added only 350 branches since February.

It continues in a research document on Rightmove: “To reach 5,000 by 31 December 2014, it [Agents’ Mutual] will have to sign up over 400 per month.

“We continue to expect Rightmove to be able to maintain membership at current levels.”

The research says that if Agent’s Mutual does hit 5,000 branches, it will generate £30m of revenue per annum, and that Agents’ Mutual’s goal is to “deprive the biggest of the UK portals of £60m of revenue a year”.

But, says the broker, it finds it “difficult to see AM’s membership doubling over the next six months” and it thinks that its £60m target is “unrealistic”.

Canaccord says Agents’ Mutual will aim to get Advertising Revenue Per Advertiser of £333 per month, compared with Rightmove’s £607 per month per branch last year.

The broker does not, however, appear to rate estate agents in general.

Referring to the comments made in this week’s Telegraph by Agents’ Mutual chief executive Ian Springett about “parasitic” online-only agents, the document says: “Arguably all agents are parasites”, adding that portals help agents build their business.

The full report is here.

http://dcms.canaccordgenuity.com/ResearchNotes/e184b38f345348d293041e2c69ddc87f.pdf

Another detailed 48-page research document, by BNP Paribas, studies the Zoopla offering and puts a price target of £29 on Rightmove shares, as against yesterday’s closing price of £22. The research also looks at Daily Mail & General Trust.

It can be found here:

https://www.exane.com/Link!docExternal.action?cmd=69723238263d6c3d26433d34646137346c316f35757239366f3d313967266736736d3933