UPDATE: Deutsche Bank Initiates Manchester United at Buy with $17 PT on Brand Monetization

Deutsche Bank initiated its coverage on Manchester United

with a Buy rating and a price target of $17 a share. Deutsche Bank commented, "In CY2013, we forecast strong revenue growth of 22% y/y, driven by contracted increases, a renegotiation with Nike, improved team performance and new business. With over half of this growth highly visible at present, we believe shares will appreciate as investors gain confidence in the drivers and mgmt execution provides comfort around the uncertainties, which are largely sustained team performance and control of player costs. Longer term, we expect these same drivers to grow revenue at a 14.7% CAGR through CY2016, where over a third of this growth is highly visible at present." Manchester United closed at $13.30 on Friday.