Churchill wagering on Derby impacted by scratches, says Barclays

Barclays says Churchill Downs (CHDN)’ Kentucky Derby wagering results were in-line with guidance, tempered by a decline on the late number of horse scratches. The company’s guidance “should be considered another step in the right direction on the road to recovering investors’ confidence in long term steady growth for the Derby,” the analyst tells investors in a research note. Churchill was able to meet its target range despite a decline in wagering volumes on Derby Day, Barclays points out. It believes confidence in the long-term Derby growth should build and keeps an Overweight rating on the shares.