Rightmove Downgraded to Hold as Panmure Liberum Cuts Target to 545p

Rightmove (LON: RMV) has been downgraded to hold from buy by broker Panmure Liberum, which cut its price target to 545p from 585p. Rightmove is the UK’s largest property listings portal, and Panmure’s analyst Sean Kealy sees an unusual headwind for it in 2027.

The shares were trading at 532.1p in afternoon trading (15:49 London time), down 1.8% from yesterday’s close of 541.8p, which was their highest daily close in six months. They opened 1.5% lower, so the downgrade may not explain the whole fall.

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Rightmove earns subscription fees from estate agents and new-home developers, and Panmure says both are cooling at once. It expects house prices, rising mortgage rates and falling transactions to weigh on agents, while housebuilders are marketing fewer sites.

The broker also points to Rightmove’s agreed-sales measure, which fell 9% year on year in September and 8% in October, and to markets now pricing possible interest rate rises rather than cuts.

Panmure forecasts 2027 revenue growth of 5%, taking revenue to £475m from a previous £490m, against an estimated £452m for 2026. That sits below the £489.4m average of 19 analysts, which implies growth of 7.6% on their 2026 average of £454.7m.

Operating profit before interest and tax is still expected to rise in 2027, from £305.3m to £315.3m. The cut is to growth and to the multiple Panmure will pay for it.

Panmure still thinks Rightmove deserves a premium to its peers but has lowered the multiple it applies. With the shares up about 20% since its July note, the broker sees limited room for further gains as growth expectations weaken, and the stock now sits just under its new target.

Panmure also notes Rightmove is among the UK market’s most heavily shorted shares, meaning many investors are betting on a fall. Even after the rally, the shares remain more than a fifth below their level a year ago.