Churchill Downs (NASDAQ:CHDN) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Churchill Downs’ price target from $123 to $118 while maintaining an “overweight” rating, implying roughly 42% upside from the prior close.
• Analyst sentiment remains positive: the stock has 11 Buy ratings and one Hold rating, with a consensus rating of “Moderate Buy” and an average price target of $132.70.
• Churchill Downs shares rose 1.2% to $82.92, while the company reported quarterly EPS in line with expectations at $3.45 and revenue of $980 million, up 4.9% year over year.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its target price dropped by analysts at JPMorgan Chase & Co. from $123.00 to $118.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 42.31% from the stock's previous close.

CHDN has been the subject of several other reports. Wells Fargo & Company reissued an "overweight" rating and issued a $120.00 target price (up from $117.00) on shares of Churchill Downs in a research note on Monday. Citizens Jmp dropped their price target on shares of Churchill Downs from $137.00 to $131.00 and set a "market outperform" rating on the stock in a research report on Tuesday, October 13th. Wolfe Research began coverage on shares of Churchill Downs in a research note on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 price target for the company. Weiss Ratings upgraded shares of Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, September 2nd. Finally, Citigroup restated a "market outperform" rating on shares of Churchill Downs in a research note on Tuesday, October 13th. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $132.70.

Churchill Downs Stock Up 1.2%

NASDAQ CHDN traded up $0.95 during trading on Tuesday, hitting $82.92. The stock had a trading volume of 383,322 shares, compared to its average volume of 1,004,503. Churchill Downs has a 12 month low of $73.08 and a 12 month high of $118.35. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. The company's 50-day moving average price is $83.71 and its two-hundred day moving average price is $86.68. The company has a market capitalization of $5.78 billion, a PE ratio of 14.21, a P/E/G ratio of 0.78 and a beta of 0.77.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.45. The company had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The firm's revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $3.10 earnings per share. As a group, sell-side analysts forecast that Churchill Downs will post 7.05 EPS for the current year.

Institutional Investors Weigh In On Churchill Downs

Large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC grew its position in Churchill Downs by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company's stock valued at $2,479,000 after purchasing an additional 125 shares in the last quarter. Atlas Brown Inc. grew its holdings in shares of Churchill Downs by 4.7% during the 3rd quarter. Atlas Brown Inc. now owns 3,351 shares of the company's stock valued at $254,000 after acquiring an additional 150 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Churchill Downs by 6.4% in the second quarter. Concurrent Investment Advisors LLC now owns 3,610 shares of the company's stock worth $324,000 after acquiring an additional 217 shares during the last quarter. Essential Partners LLC increased its stake in shares of Churchill Downs by 64.7% in the first quarter. Essential Partners LLC now owns 578 shares of the company's stock worth $52,000 after acquiring an additional 227 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Churchill Downs by 19.6% in the third quarter. GAMMA Investing LLC now owns 1,383 shares of the company's stock worth $105,000 after acquiring an additional 227 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

About Churchill Downs

Churchill Downs Incorporated NASDAQ: CHDN is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.

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