Rightmove upgraded by Shore Capital

Shore Capital has upped its rating on property sales portal Rightmove (LON:RMV) to 'buy' from 'hold' on the back of the recent drop in the share price.

The broker highlighted that the stock has fallen back by around 10 per cent and underperformed the market by 7 per cent over the last three months despite a 3 per cent rise yesterday.

Shore added: "We believe this performance is unwarranted and are confident that the company's proven subscription based model and encouraging H1 showing (revenue, op. profit, EPS and DPS +16%, +21%, +24%, +19% respectively, H1 ARPA £830 vs. £754 during FY2015A, agent no's +1%) will ensure that it delivers against our full year expectations (and perhaps prompt upgrades) at its prelims in February (SCF FY2016F EPS/DPS +19%/+22% YoY respectively)."

At 3:25pm: (LON:RMV) Rightmove PLC share price was +91p at 3898p