Zoopla’s share of UK property listings is at its highest level in three years, according to a report by bank Morgan Stanley.
Morgan Stanley yesterday upped its stance on the stock of Zoopla’s parent company ZPG from ‘equalweight’ to ‘overweight’ and set a new target price for the business of 400p.
That is up from a previous target price of 360p.
The bank pointed to its recent eHome tracker, which claims that Zoopla’s listings share is at its highest level in three years.
A broker’s note issued by the bank yesterday said: “Zoopla has built up an attractive position across property marketing, software and data services.
“While the property market may remain subdued, Zoopla should benefit from the tailwind of agents returning to the portal, sustaining higher growth than the leading property classifieds Rightmove over the next few years.”
The bank added that its ‘AlphaWise’ survey indicated structural trends underpinning energy switching behaviour, and highlights the market leadership of USwitch, another ZPG brand.
ZPG’s share price closed yesterday at 344.2p, up nearly 2.6% on the day.