Mizuho Securities analyst Benjamin Chaiken has maintained their bullish stance on CHDN stock, giving a Buy rating today.
Benjamin Chaiken has given his Buy rating due to a combination of factors including Churchill Downs’ strong financial performance and promising growth prospects. The company reported higher than anticipated revenue for the third quarter, showcasing its resilience in the face of competitive pressures and calendar shifts. Despite some challenges in the Gaming segment, Churchill Downs’ operations in Virginia have shown robust performance, with significant growth in same-store revenue and impressive margins.
Moreover, the company’s future growth is supported by a substantial pipeline of projects, such as expansions and new developments in Virginia and Kentucky, which are expected to drive further revenue growth. These projects include the Rose Gaming Resort and new facilities in Henrico and Richmond, which are set to enhance the company’s market position. Chaiken’s price target of $151 reflects confidence in Churchill Downs’ ability to capitalize on these opportunities and maintain its momentum in the coming years.
In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $164.00 price target.
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Churchill Downs (CHDN) Company Description:
Churchill Downs, Inc. operates as a provider of pari-mutuel horseracing, online account wagering on horseracing and casino gaming. It operates through the following business segments: Racing, Casino, Online Wagering, Corporate, and Other Investments. The Racing segment includes Churchill Downs Racetrack, Arlington Park Racecourse, Calder Race Course, and Fair Grounds Race Course. The Casinos segment includes Oxford Casino, Riverwalk Casino Hotel, Harlow’s Casino Resort and Spa, Calder Casino, Fair Grounds Slots, Video Services and equity investment. The Online Wagering segment offers simulcasting and interactive wagering hub. The Corporate segment includes miscellaneous and other revenue, compensation expense, professional fees and other general and administrative expense not allocated to other operating segments. The Other Investments and Corporate segment consists of United Tote Company and United Tote Canada, Capital View Casino and Resort, Bluff Media, and minor investments. The company was founded in 1875 and is headquartered in Louisville, KY.