Rightmove (LON: RMV) shares have had a positive 2023 so far, up 10%, but Berenberg analyst Kurran Aujla believes the stock is fairly valued…

The analyst re-initiated coverage of the online housing website with a Hold rating and 540p price target on Friday, which is currently below its 574.2p per share price.

Given the struggles of the housing market over the last year or so, with prices on the slide, you’d think that Rightmove may have hit a sticky patch.

However, the company explained in its annual results that it is not impacted by the property market cycle:

“While we remain alert to the ongoing economic uncertainty, Rightmove is not materially impacted by the property market cycle, other than in the most extreme circumstances,” Rightmove wrote.

You see, property professionals, such as estate agents, lettings agents, and new home builders, pay a subscription fee to advertise their properties on Rightmove, which also sells online advertising space to third parties, making it somewhat protected from potential downturns.

Anyway, Aujla told investors in his memo that he believes at current levels, the RMV share price fairly represents the company’s long-term opportunity and near-term macro conditions.

In contrast, on April 18, UBS analyst Adam Berlin reiterated a Buy rating and 650p price target on Rightmove.

However, most analysts are Neutral on the stock, with two assigning it a Buy rating, six setting a Hold rating, and another two with Sell ratings. The average price target of 566.5p represents around a 1% downside from current levels.