Citizens JMP says Churchill Downs (CHDN)’ Gaming and Live and Historical Racing segments were both impacted by weather and an unfavorable calendar in Q1, as softness across the lower-end consumer continues to drag results. Churchill is pausing longer-term projects at the track as a result of the current macro environment, which was budgeted to be $900M in total over the next several years, the analyst tells investors in a research note. Citizens believes the decision could end up proving to be a positive for the story, given the company’s leverage will decline faster than expected in 2026. It keeps an Outperform rating on Churchill Downs with a $157 price target The stock in morning trading is down 7% to $97.58.
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