A London investment broker says Purplebricks Group PLC (LON:PURP) share price – currently around 300p – could rise another 50 per cent or more thanks to the hybrid’s expansion into America and the likelihood that it will be the UK’s largest estate agency within two years.
In a very detailed 34 page investment note to its UK clients, the brokerage Peel Hunt – which advises the hybrid agency – heaps praise on Purplebricks for having “firmly established itself as a major player in the UK estate agency market” and for growth in Australia that’s already faster than any it has experienced in the UK.
“Later this year, Purplebricks will begin a measured roll out in America, the world’s largest residential market. Capturing only a modest share of this market could generate returns larger than those of the UK and Australia combined” says the note.