Shares in Foxtons fell back yesterday after global bank Citigroup initiated coverage of the stock with a “sell” rating and gave it a 215p price target.

Yesterday, Foxtons’ shares were down 8p, or 3.3%, to end the day at 237p.

Citigroup said Foxtons has the strongest brand profile and margin performance of the three stocks it was examining in its note to investors on UK estate agents.

However, Citigroup expressed concerns that Foxtons is almost exclusively focused on London, where it said affordability issues may curtail sales volumes.

It also said that Foxtons had limited scope for expansion, given the management’s organic growth strategy.

However, in the same note, Citigroup started coverage of Countrywide and LSL shares, giving them both “buy” ratings and respective price targets of 700p and 545p.

It said Countrywide is top-pick in the estate agency sector, offering investors “the opportunity to invest in a scale operation” with opportunities to consolidate the market.

Citigroup said LSL came a close second.

Shares in Countrywide yesterday ended the day slightly down at 567p having started at 570p, while LSL ended the day down from 390p to 387p.

However, many shares are wobbling because of Grexit concerns.