RBC Capital upgrades Rightmove to 'sector perform'

RBC Capital Markets upgraded Rightmove on Thursday to ‘sector perform’ from ‘underperform’, saying it is now more confident in the company's ability to deliver on market expectations, based on its bottom-up average revenue per advertiser analysis.

"We appreciate RMV's market-leading network effects, ongoing product innovation and strong cash generation," RBC said.

"However, we believe this is already reflected in the current share price."

The bank lifted its price target on the shares to 630p from 600p on higher estimates.

At 1030 GMT, the shares were up 0.7% at 657.40p.