More news on the Rightmove share price, which as you know we have been following closely. Property Portal Watch posts on the news that UBS has recommended Rightmove as a 'sell' option, down from the 'neutral' recommendation previously provided.
In a nutshell, the move followed advice that rightmove is intrinsically linked with the housing market and therefore a continued downturn in housing would mean rightmove also udnerperforming. PPW reports UBS as stating “The recent results were clearly strong, but Rightmove has a lag into the downturn and we expect it to lag into any upturn. Its fortunes are very much tied to any housing market recovery and with transactions likely to be lower in 2009.”
Rightmove share price bounced around a little following this news and closed at 296.25p. Not as low as it has been, but perhaps the beginning of another slide downwards.