The Odd and Continuing Saga of Manchester United

Recently listed Manchester United PLC (NYSE:MANU) is trading at $13.25, quite below its IPO issue price of $14. The football club has been initiated for coverage by Bank of America Merrill Lynch (BAML) and Credit Suisse Group AG (NYSE:CS).

BAML maintain an initial opinion of a Neutral rating and a price objective of $15, which is likely to be achieved within 12 months. Plus factors for the stock are the club’s “high growth profile, pure play sports status, and scarcity/trophy value.” Risk factors include “variability surrounding on-field performance, wage costs, and less visible commercial opportunities.” Its...