Foxtons Plc (LSE:FOXT) edged higher on a bullish write-up on London’s leading estate agency from mid-cap specialist broker Panmure Liberum.
According to the broker, Foxton is delivering significant market share gains, driven “by its systematic sales approach, unique technology platform and strong brand”.
“Meanwhile, regulation creep is favouring the larger agency networks (such as Foxtons), adding further scale benefits.”
Panmure adds the business “is well placed to materially expand its market share in Lettings (through organic growth and M&A) and to deliver improved earnings within sales”.
Over the next seven years, the broker sees scope for 16% a year compound earnings per share growth, something not reflected in the current rating.
'Buy' with a 103p target price is the rating in the initiation note.
Shares rose 0.3% to 67.2p.