Susquehanna Issues Pessimistic Forecast for Churchill Downs (NASDAQ:CHDN) Stock Price

Key Points

• Susquehanna lowered Churchill Downs’ price target from $124 to $115 while maintaining a positive rating, implying approximately 38.5% upside from the stock’s $83.03 price.
• Analyst sentiment remains favorable: 11 analysts rate the stock Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and an average target of $131.80.
• Churchill Downs matched quarterly EPS expectations at $3.45 and reported $980 million in revenue, up 4.9% year over year; institutional investors own 82.59% of the company.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its target price lowered by stock analysts at Susquehanna from $124.00 to $115.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "positive" rating on the stock. Susquehanna's price objective points to a potential upside of 38.50% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Churchill Downs from $123.00 to $118.00 and set an "overweight" rating for the company in a report on Tuesday. Truist Financial lowered their price objective on Churchill Downs from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Tuesday. Mizuho increased their target price on Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Finally, Wolfe Research assumed coverage on Churchill Downs in a research note on Wednesday, September 2nd. They set an "outperform" rating and a $119.00 target price on the stock. Eleven equities 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, Churchill Downs currently has a consensus rating of "Moderate Buy" and an average price target of $131.80.

Churchill Downs Stock Up 1.3%

NASDAQ:CHDN opened at $83.03 on Wednesday. The firm has a market cap of $5.79 billion, a P/E ratio of 14.24, a P/E/G ratio of 0.79 and a beta of 0.77. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. Churchill Downs has a fifty-two week low of $73.08 and a fifty-two week high of $118.35. The firm has a 50-day simple moving average of $83.59 and a two-hundred day simple moving average of $86.64.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The firm had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. During the same quarter in the prior year, the firm posted $3.10 earnings per share. The business's revenue was up 4.9% on a year-over-year basis. Analysts predict that Churchill Downs will post 7.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Churchill Downs

A number of hedge funds have recently bought and sold shares of the business. Kimelman & Baird LLC purchased a new stake in shares of Churchill Downs during the 2nd quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Churchill Downs in the 2nd quarter worth approximately $29,000. Root Financial Partners LLC boosted its holdings in shares of Churchill Downs by 1,173.1% in the first quarter. Root Financial Partners LLC now owns 331 shares of the company's stock worth $30,000 after buying an additional 305 shares during the last quarter. Twin Tree Management LP purchased a new position in shares of Churchill Downs in the second quarter worth approximately $36,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Churchill Downs in the first quarter worth approximately $50,000. Hedge funds and other 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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