UBS analyst Ivar Billfalk-Kelly initiated coverage on Manchester United with a buy rating, citing the club's strong revenue base and potential for a performance turnaround.
A turning point in Manchester United's performance could kick off some upside for shares, according to UBS. Analyst Ivar Billfalk-Kelly initiated coverage on the U.K.-based professional football club with a buy rating, setting his 12-month price target at $23. That implies 30% upside ahead, as of Monday's close.
That year, he forecasts that Manchester United's revenue could reach 803 million pounds and even thinks the group could make a return to positive net profits. Along with that, a full stadium redevelopment could spur incremental revenue upside of 200 million pounds in the long term as a result of more ticketing, hospitality and events, the analyst said. He noted that this could ultimately bring revenue to greater than 1 billion pounds.
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