Manchester United Still a Buy, Jefferies Says
By Sam Boughedda
Investing.com -- Jefferies analyst Randal Konik reiterated a buy rating and $19 price target on Manchester United Ltd (NYSE:MANU) shares after meeting with 10 executives at the club across a two-day visit.
The analyst said in a note that each match is sold out, and there are over 100,000 people on the waiting list for season tickets.
He added that the club looks to have clear revenue visibility and pricing power across its stadium operations, and there are opportunities to increase further price growth in the VIP sections alongside Mega Store productivity.
"Under the leadership of CEO, Richard Arnold, it’s clear he’s empowered others and energized the organization, fan engagement and partnership is paramount, and monetization opportunities ahead abound," stated Konik.
"As a result, we see continued sales&profit growth into perpetuity which will drive team value and share price higher. Reit. Buy rating and believe MANU should be a core L-term [long-term] holding."
The Manchester United team has performed poorly this season and looks as though it could finish outside of the Champions League places. As a result, the club could miss out on a large chunk of its revenue.
MANU shares are down 0.5% Monday.
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