The markets continue to price-in another takeover offer for Rightmove from Rupert Murdoch-backed REA Group although its unlikely, an analyst has claimed.

But broker Jefferies has suggested this is a mistake and is unlikely to materialise.

An analyst note from Jefferies, which now believes the portal’s share price will underperform, 

It comes after OnTheMarket owner CoStar is reported to be interested in buying Australia’s number-two property marketplace Domain – second to REA in its home market.

Jefferies said this makes REA unlikely to come back in for Rightmove.

The note said: “Alongside the risk that REA now faces with a potential new entrant in its domestic market, we also consider the 6 Feb news that REA’s chief executive, Owen Wilson, intends to retire in the second half of 2025. He is highly regarded in the industry and, crucially, was a key architect of the Rightmove bid.”

Jefferies has a 495p target price on the stock, said finance website London South East, which it suggested indicates 24% downside to the current price.

Meanwhile, a petition calling for a Competition and Markets Authority investigation into Rightmove pricing has reached 1,381 signatures.