Jefferies analyst David Katz lowered the firm’s price target on Churchill Downs (CHDN) to $127 from $160 and keeps a Buy rating on the shares. The negative reaction in the shares following the quarterly report is based on shifting sentiment toward more measured growth at the Kentucky Derby and in the company’s regional gaming business, but the firm believes opportunities for growth remain and are unique to Churchill, the analyst tells investors. The “overreaction” in the shares, which fell 16%, presents an “opportunity for patient investors,” the analyst added.
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Read More on CHDN:
- Churchill Downs price target lowered to $144 from $157 at Citizens JMP
- Churchill Downs price target lowered to $124 from $125 at Barclays
- Churchill Downs Reports Record Revenue Amid Income Dip
- Churchill Downs project pause could be positive, says Citizens JMP
- Churchill Downs: Strong Q1 Performance and Strategic Capital Management Justify Buy Rating
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