UBS… Zoopla downgraded
According to London ShareCast News – UBS has downgraded Zoopla to a ‘neutral’ recommendation from ‘buy’ due to continued competetive pressures from rival OnTheMarket, but left Rightmove at ‘buy’.
UBS said its Evidence Lab research team had unearthed data on the UK property portal marketplace that indicated estate agency collective OnTheMarket had continued its momentum in 2016.
The research showed OnTheMarket grew 6.8%, ahead of Rightmove’s 1.1% and Zoopla’s 0.7%, as well as increasing its share of app downloads.
“We maintain our view that OTM is unlikely to be a major long-term player, but remain for the number two player Zoopla, which has been more impacted since OTM’s launch.”
Of the FTSE 250 pair, Rightmove’s market leading position remains strong, UBS said, with year-on-year agent growth of 4.9% to March and leading app stats being supportive of this.
To read thee full report on the sharecast website click here
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