A turning point in Manchester United's performance could kick off some upside for shares, according to UBS. Analyst Ivar Billfalk-Kelly initiated coverage on the U.K.-based professional football club with a buy rating, setting his 12-month price target at $23. That year, he forecasts that Manchester United's revenue could reach 803 million pounds and even thinks the group could make a return to positive net profits. "With continued interest in sports teams and leagues from private equity and wealthy individuals seeing trophy assets, we see the valuation of Manchester United as well underpinned," he continued. This comes as the stock has had a rough year, posting year-to-date losses of more than 13%.

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Persons: Ivar Billfalk, Kelly Organizations: UBS, League, Premier League, Champions League, Manchester, Manchester United Locations: Manchester