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Investing.com - RBC Capital has upgraded Rightmove Plc. (LON:RMV) (OTC:RTMVY) from Sector Perform to Outperform, while slightly lowering its price target to GBP7.75 from GBP8.05.
The rating change follows a significant drop in Rightmove ’s share price after the company announced plans to accelerate its investment in artificial intelligence technologies.
RBC Capital noted that Rightmove also updated and extended its medium-term guidance alongside the AI investment announcement, which contributed to market concerns.
The investment bank expressed confidence in Rightmove’s fundamentals, stating that the company "is not broken" and "does not need fixing" despite the market’s negative reaction.
RBC Capital further indicated that the newly announced investments, if executed effectively, should lead to "a better bigger business in the years to come" for the UK-based property portal.
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