Deutsche Bank Downgrades ManU Shares After Club Signs Chelsea's Juan Mata

ManU's signing of Chelsea midfielder Juan Mata "may have brightened the mood at Old Trafford," but Deutsche Bank "has taken a dim view" of the Spainiard's £37M ($61M) arrival and "downgraded its target price for the football team," according to Kiran Moodley of CNBC. With the team currently in seventh place in the Premier League, Deutsche Bank "has downgraded its price target for the company's New York-listed shares" from $21 to $16, arguing that "the combination of poor performances and higher player costs have hit earnings projections." Deutsche Bank Research Team Head Doug Mitchelson said, "We now think we were too conservative in our player cost outlook" (CNBC, 1/28).