UPDATE: JP Morgan Initiates Manchester United at Overweight with $17 PT on Uncommon Revenues

JP Morgan initiated its coverage on Manchester United

with a rating of Overweight and a price target of $17 a share. JP Morgan said, "The most important drivers of potential equity returns, in our view, are "Uncommon Revenues"; i.e. not shared across the league. Commercial revenue streams are the most important to driving value as management have greatest control over these, and they offer high margins and good growth prospects. … Our analysis of fan base monetization (based on revenue per fan, per active Facebook fan, per match, per TV viewer) suggests significant revenue upside." Manchester United closed at $13.30 on Friday.