Rightmove shares rallied this week after hitting a seven-month low last Friday of 422p.
On Monday, UBS raised the stock to a ‘buy’ rating, having previously given the shares a ‘sell’ rating. The shares rose to 433p.
UBS gave Rightmove shares a target of 490p.
Rightmove’s share have slid some 20% since June, but UBS analyst Adam Berlin said that the pull-back was overdone.
He said that Rightmove is “weathering” the weakness in the UK property market, with listing volumes up in the last year.
He also said that OnTheMarket’s growth appears to have come at the expense of Zoopla, rather than Rightmove.
Yesterday, Rightmove shares inched down to around 431p at the close.