Jefferies Cuts Price Target as Manchester United plc (MANU) Focuses on Improvements
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Jefferies maintained a Buy rating on Manchester United (NYSE: MANU), and cut the price target to $20.00 (from $21.00), as the club focuses on improvements. MANU has invested heavily in the summer transfer window, acquiring four key players. Based on press reports, we estimate that total fees could exceed £150M.
Analyst John Janedis commented, "After finishing outside of the top four in the '15/'16 season, MANU has focused on making several improvements to the club, including hiring a new manager and investing heavily in the summer transfer window. Although the window is not yet closed, we are adjusting our estimates for the impact of higher wages / player cap ex. Overall, we are lowering our F17 adj. EBITDA to £180M (from £204M)."
Shares of Manchester United closed at $16.57 yesterday.
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