Deutsche Bank Reiterates Buy on Manchester United PLC on FY3Q13 Preview

In a report published Wednesday, Deutsche Bank analyst Doug Mitchelson reiterated a Buy rating and $21.00 price target on Manchester United PLC

. In the report, Mitchelson noted, “In CY13, we forecast strong revenue growth of 20% y/y, driven by contracted increases, a renegotiation with Nike, improved team performance and new business. Given the revenue visibility, we believe shares will appreciate as investors gain confidence in the effectiveness of Financial Fair Play (FFP) regulations on player cost control. Longer term, we expect these same drivers to grow FCF at a 46% CAGR through CY2016.” Manchester United PLC closed on Tuesday at $17.00.