Churchill Downs initiated with an Overweight at Barclays

Barclays analyst Brandt Montour initiated coverage of Churchill Downs (CHDN) with an Overweight rating and $125 price target The firm sees Churchill as a “best-in-class growth company” within the U.S. land-based gaming sector. The company has a pipeline with “unique depth, breadth, and barriers to entry,” and the stock’s current valuation is attractive for longer term investors, the analyst tells investors in a research note. Barclays says the “unfortunate timing” of the opening of its new Dumfries property, coupled with concerns over the broader D.C. economy, has impacted sentiment for shares, which is “overdone and temporary.”