Wells Fargo & Company Cuts Churchill Downs (NASDAQ:CHDN) Price Target to $120.00

Key Points

• Wells Fargo cut its price target on Churchill Downs from $132 to $120, while keeping an overweight rating on the stock. The new target still implies about 43% upside from the previous close.
• Analyst sentiment remains broadly positive overall: 10 analysts rate CHDN a Buy and one a Sell, with an average rating of Moderate Buy and an average price target of $138.50.
• Churchill Downs recently reported better-than-expected quarterly earnings of $1.21 per share on revenue of $663 million, beating consensus estimates and posting year-over-year revenue growth of 3.1%.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its target price cut by stock analysts at Wells Fargo & Company from $132.00 to $120.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 43.28% from the company's previous close.

A number of other equities research analysts have also recently weighed in on CHDN. Mizuho boosted their price target on shares of Churchill Downs from $146.00 to $155.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Truist Financial set a $145.00 price objective on Churchill Downs in a report on Friday, June 12th. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a research report on Friday, April 24th. Weiss Ratings cut Churchill Downs from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, May 4th. Finally, Citizens Jmp raised their price target on Churchill Downs from $146.00 to $149.00 and gave the stock a "market outperform" rating in a research note on Friday, April 24th. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $138.50.

Churchill Downs Price Performance

Churchill Downs stock opened at $83.75 on Tuesday. The firm has a market cap of $5.84 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.56 and a beta of 0.67. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.44. Churchill Downs has a 52-week low of $80.24 and a 52-week high of $118.46. The company's 50 day moving average is $87.47 and its two-hundred day moving average is $93.00.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.15. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The firm had revenue of $663.00 million during the quarter, compared to analyst estimates of $659.32 million. During the same period last year, the business posted $1.07 earnings per share. Churchill Downs's revenue was up 3.1% compared to the same quarter last year. On average, research analysts expect that Churchill Downs will post 7.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp lifted its stake in Churchill Downs by 6,547.6% in the 4th quarter. Fifth Third Bancorp now owns 52,649 shares of the company's stock valued at $5,990,000 after buying an additional 51,857 shares in the last quarter. UBS Group AG raised its holdings in shares of Churchill Downs by 26.9% in the fourth quarter. UBS Group AG now owns 350,982 shares of the company's stock worth $39,935,000 after acquiring an additional 74,421 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Churchill Downs by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 219,834 shares of the company's stock worth $21,326,000 after acquiring an additional 16,646 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of Churchill Downs in the fourth quarter valued at $4,266,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of Churchill Downs by 126.1% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 46,813 shares of the company's stock valued at $5,326,000 after acquiring an additional 26,105 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Company Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.

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