Jefferies reiterates a Buy rating on Manchester United (NYSE: MANU), and raised the price target to $21.00 (from $20.00), following management guidance. Management's F16 revenue / EBITDA Guidance (£500M-510M, £165M-175M, respectively) implies margin expansion of 300-400 bps (JEFe: 34% in F16, from 30% in F15).

Analyst John Janedis commented, "Mgmt's F16 EBITDA guidance was better than expected (£165M-£175M, vs. JEFe: £164M) - and in our view, achievable. We are increasing our F16 EBITDA estimate to £174M, and raising our PT to $21."

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Shares of Manchester United closed at $17.97 yesterday.