Shares of UK real estate property agency Purplebricks Group (LON: PURP) today surged 8.1% higher after the firm’s investment rating was upgraded to Buy from Neutral by analysts at UBS with a price target of 100p.
UBS upgraded the real estate company after it delayed changes to its fee structure, which is set to rely less on its controversial upfront fees.
The letting and buying agency also faces new competition from Venmore group, which relaunched its letting business after a two-year ‘no-compete’ period lapsed.
The group had closed its real estate management business in-line with the no-compete clause after selling its letting operation to Purplebricks for £3.5 million.
Purplebricks share price
Purplebricks share price today rallied 8.1% to a high of 72.0p as compared to yesterday’s closing price of 66.6p.