JPMorgan Chase & Co. Issues Pessimistic Forecast for Churchill Downs (NASDAQ:CHDN) Stock Price

Key Points

Key Points

• JPMorgan Chase & Co. has reduced its price target for Churchill Downs from $130.00 to $128.00, maintaining an "overweight" rating for the stock, which indicates a potential upside of 47.38% from its previous close.
• Other firms have varied ratings on the stock, with Macquarie raising their target to $155.00, while JPMorgan's revisions contrast with the average price target of $137.70 from 11 analysts.
• Despite the recent price target reductions, Churchill Downs recently reported better-than-expected quarterly earnings per share of $3.10, surpassing forecasts and showing a year-over-year revenue increase of 4.9%.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its price objective reduced by analysts at JPMorgan Chase & Co. from $130.00 to $128.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 47.38% from the stock's previous close.

A number of other research firms also recently weighed in on CHDN. Macquarie upped their price target on Churchill Downs from $150.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Stifel Nicolaus increased their price target on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Weiss Ratings restated a "hold (c-)" rating on shares of Churchill Downs in a research note on Wednesday, October 8th. Susquehanna lifted their price objective on Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Finally, Barclays raised their target price on Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Churchill Downs presently has an average rating of "Moderate Buy" and an average price target of $137.70.

Churchill Downs Stock Down 1.8%

Shares of NASDAQ:CHDN opened at $86.85 on Thursday. The company's fifty day moving average is $98.43 and its 200-day moving average is $99.86. The company has a market capitalization of $6.09 billion, a PE ratio of 14.92, a P/E/G ratio of 1.65 and a beta of 0.83. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. Churchill Downs has a 52 week low of $85.58 and a 52 week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.03 by $0.07. The business had revenue of $934.40 million for the quarter, compared to the consensus estimate of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.89 EPS. Equities research analysts predict that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its position in Churchill Downs by 1,670.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 301 shares of the company's stock worth $29,000 after acquiring an additional 284 shares during the period. Secure Asset Management LLC grew its position in shares of Churchill Downs by 63.0% in the third quarter. Secure Asset Management LLC now owns 37,764 shares of the company's stock valued at $3,648,000 after purchasing an additional 14,598 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Churchill Downs by 21.7% in the third quarter. GAMMA Investing LLC now owns 691 shares of the company's stock valued at $67,000 after acquiring an additional 123 shares during the last quarter. Osaic Holdings Inc. boosted its position in shares of Churchill Downs by 243.7% during the second quarter. Osaic Holdings Inc. now owns 5,802 shares of the company's stock worth $595,000 after buying an additional 4,114 shares during the period. Finally, Centaurus Financial Inc. boosted its position in shares of Churchill Downs by 36.2% during the second quarter. Centaurus Financial Inc. now owns 6,500 shares of the company's stock worth $657,000 after buying an additional 1,727 shares during the period. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.

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