Rightmove has had its shares downgraded to a ‘sell’ rating by analysts at Swiss bank UBS.

UBS thinks the current price is simply too high and that it is time to take profits.

The consensus forecast for growth this year is 9%, but UBS thinks this is too high, with the shares trading on an earnings multiple of 27 times earnings.

One reason why UBS has downgraded the shares is that it believes “pricing levers and market share gains” could be constrained following the takeover of Zoopla’s parent company and its move off the stock market.

It also says there is limited visibility into Rightmove’s product pipeline; that estate agents’ commission pool is depressed because of pressure from online agents; and that the digital revolution is shaking things up.

However, at the same time, UBS upped its price target from 4,300p to 4,900p.

In another report on Friday, Barclays confirmed its ‘underweight’ rating for the shares – an underweight rating suggests that investors should have less exposure to the stock.

Rightmove shares fell 2.7% following Friday morning’s downgrade by UBS, ending the day at 5,080p.

The company is due to release its results for the first six months of this year on July 27.

Another faller on Friday was Foxtons, whose shares dipped 3.44% to finish at another record low of 53.3p.