Investment bank UBS believes Manchester United's future is bright, issuing a 'buy' rating and a $23 price target for the club's stock.
The long-term competitive prospects for Manchester United are bright enough for one of the world's biggest investment banks to be bullish on the club's future.
Swiss-based UBS, a major financial institution that operates in more than 50 countries, have granted United's listed entity on the New York Stock Exchange, Manchester United PLC (NYSE:MANU) a 'buy' rating - a move that points towards confidence that the club will soon be back challenging for honours and seeing revenue streams increased as a result. One of the key drivers for the confidence was the new management led by Sir Jim Ratcliffe and Ineos, with the stronger focus on managing costs via reducing the cost base, allied with the club having access to major revenue streams making the club an attractive proposition for investing. UBS gave the stock a $23 price target that suggests a 30 percent upside from Monday's close. Shares were up 1.6 percent at $17.96 in early trading in New York on Tuesday. In a note to clients, UBS stated: 'The new management and its focus on cost management should support investment to improve sporting performance as well as a return to net profitability. 'We see the real upside to the equity story linked to an eventual return to the more lucrative Champions League, a scenario which could potentially drive revenues to £800m.' The bullish outlook also focused on UEFA Champions League participation in the not-too-distant future - with some confidence returning after the sacking of Erik ten Hag earlier this season and the arrival of Ruben Amorim from Sporting CP. 'This is by no means a foregone conclusion given the recent poor performance, but the new manager provides a potential turning point,' UBS's note added
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