Wells Fargo analyst Daniel Politzer lowered the firm’s price target on Churchill Downs (CHDN) to $165 from $168 and keeps an Overweight rating on the shares. The firm notes that since Rose’s Grand Opening November 7th, Churchill Downs is underperforming U.S. Gaming peers and the SPX. While Wells attributes most of this to investor overreaction/extrapolation of a slow property ramp, there’s also some concern on potential new competition in N. Virginia, which still needs to get through the House of Delegates/get signed by the Governor and pass a referendum.
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