MANU - Manchester United attracts upgrade from Deutsche Bank on valuation call

Deutsche Bank turned bullish on Manchester United (NYSE:MANU) with an upgrade to Buy from Hold. Analyst Connor Murphy and team noted that Manchester United's valuation of 13.1X sits at the lower end of the sports and live events comparable group, which the firm thinks is not justified. "Furthermore, evidence suggests that private market values for other top tier EPL franchises are significantly higher than Man U’s current public market value." The soccer club's 200M social media followers globally are called a key asset that could be monetized further through broadcasting rights, global sponsorships, merchandising, licensing and ticketing. The sale of Chelsea FC due its Russian owner's ties to Vladimir Putin was also weighed by Deutsche Bank. "We have no view regarding whether the Glazer’s would sell any time soon, which is part of the reason we do not incorporate a takeout premium into our price target. In a theoretical sale,

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Manchester United attracts upgrade from Deutsche Bank on valuation call