Deutsche Bank analyst Simon Davies lowered the firm’s price target on Manchester United to $16 from $20.30 and keeps a Hold rating on the shares. The company reported solid Q2 results and reiterated its guidance range for revenue and EBITDA, the analyst tells investors in a research note. However, Manchester also made a rapid exit from Champions League football and the on-pitch performance has been generally disappointing, says the firm. It believes the company is entering a period of uncertainty with the new CEO not due to start until July.
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