UPDATE: Jefferies Initiates Buy, $20 PT on Manchester United on Compelling Risk/Reward

Jefferies initiated its coverage on Manchester United

with a Buy rating and a price target of $20 a share. Jefferies noted, "We view Manchester United as a key beneficiary of the changing media world where advertisers are willing to pay up for (live) content and want to associate with powerful brands that are recognized globally. With ManU still in an early stage of growth and with robust fundamentals, we find risk/reward compelling and initiate coverage with a Buy rating and $20 price target." Manchester United closed at $13.30 on Friday.