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RTMVF - Rightmove: Downgrade To Neutral Following H1 Results And 41% Gain
Rightmove Plc Winterhill
Introduction
We have been tracking Rightmove (OTCPK:RTMVY) (referred here as "RMV") closely, as we believe it to be one of the highest-quality businesses in the U.K., and last upgraded it to a Buy in March after its share price crashed after COVID-19 had spread to Europe; since then shares have rebounded 41.2% (in GBP in London trading). Our previous Buy rating, maintained between March and November of 2019, resulted in a similar 29.6% gain:
In this article, we review RMV’s H1 2020 results released on August 7, update our forecasts, and downgrade our