Wells Fargo lowered the firm’s price target on Churchill Downs (CHDN) to $158 from $165 and keeps an Overweight rating on the shares. The firm notes Q4 EBITDA was up 1% vs Wells its and Street’s estimates, but the focus was the company’s $900M Derby project pipeline that will come online in 2026-2028. Wells thinks this will drive material value over time, but recognizes investors wanting to see some of Churchill’s newer projects ramp first.
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