JPMorgan Raises Rightmove Price Target to GBX 429

Rightmove's (LON:RMV) price target has been raised to GBX 429 by JPMorgan Chase & Co. The new forecast represents a potential downside of 8.59% from the stock's previous close.

The company had previously set its price objective at GBX 404, but analysts have now increased it due to stronger profitability and revenue growth.

Rightmove reported quarterly earnings per share (EPS) of GBX 15.60 in July, alongside a net margin of 49.72% and a return on equity of 281.32%. Analysts expect the company to post EPS of 30.2327791 for the current fiscal year.

JPMorgan Chase & Co. still has an 'underweight' rating on Rightmove stock, but the increased price target suggests that some analysts are becoming more optimistic about the company's prospects.