Intelligent Investor has a “buy" recommendation on Trade Me , with the stock down by around 7 per cent since February 19, although it reduced its price guide to “buy" below $3.60 and “sell" above $5.40 from $4 and $6 respectively.

It said Trade Me had admitted earlier in May at a Macquarie conference that “the stoush with estate agents over last November’s price changes was still going on and that it had lost around 10 per cent of property listings".