Manchester United downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Simon Davies downgraded Manchester United to Hold from Buy with a price target of $24, up from $16, after the company reported Q1 results that were better than expectations, but also suspended dividend payments to conserve cash as a result of a material step up in leverage. The dividend suspension points to "an increased likelihood" that the controlling Glazer family will agree to sell, said Davies, who sees a risk that "the family may have unrealistic value expectations."