Manchester United Plc's (NYSE:MANU) New York-listed shares are on the buy list at UBS, with the Swiss bank eyeing Champions League qualification.

An upgraded target price pitched at US$29.75, suggesting major upside from the current price of $17.77.

The 2026 financial year is shaping up as the low point for revenues, even though on-field performance has improved materially, the analysts at UBS claim.

Now, the Swiss bank expects Manchester United to land annual revenue at the midpoint of its £640 million to £660 million guidance range, forecasting £648 million for the year despite a missing training-kit sponsorship deal worth more than £20 million in potential revenue.

Data analysis, via UBS Evidence Lab, suggests the club has around a 75% chance of finishing in the Premier League top four - that, or a top-five finish if England secures an extra place, would put United back into Europe’s top competition and drive what UBS expects will be a step-change in financial performance.

The broker forecasts FY27 revenue of about £761 million, including a £74 million lift in European broadcasting income, a £13 million increase in matchday revenue and a £23 million boost to commercial sales.

UBS estimates the club could generate about £75 million from broadcast revenue alone if it reaches the Champions League round of 16, while longer-term upside from stadium redevelopment has not been included in forecasts.

The broker said risks remain around sustaining qualification, refinancing debt and executing any future stadium project, but it sees the combination of improving form and rising revenues as a positive not yet reflected in the stock.