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Investing.com - JMP Securities has reiterated its Market Outperform rating for Churchill Downs (NASDAQ:CHDN) with a price target of $138.00. According to InvestingPro data, the company currently trades at $106.27, with analyst targets ranging from $115 to $154, suggesting significant upside potential.
The research firm maintained its positive outlook on the racing, online wagering, and gaming entertainment company ahead of several potential growth catalysts.
JMP cited historical racing machines (HRMs), capital allocation, and project return on invested capital (ROICs) as key factors that could drive performance.
These catalysts are expected to materialize ahead of the 2026 Kentucky Derby, according to the firm’s analysis.
JMP anticipates strong year-over-year growth for Churchill Downs as these initiatives develop over the coming quarters.
In other recent news, Churchill Downs has made a significant move by agreeing to acquire a 90% equity stake in the Casino (EPA:CASP) Salem project in New Hampshire for $180 million, using its existing revolving credit facility. The project, initially developed as a $200 million historical horse racing development, is expected to close in the third quarter of 2025. Stifel has maintained its Buy rating on Churchill Downs with a price target of $133.00, emphasizing the company’s strategic acquisition. Ahead of the company’s second-quarter earnings report, Stifel raised its price target from $130.00 to $133.00, noting adjustments in earnings estimates due to margin considerations. Meanwhile, JMP Securities reiterated its Market Outperform rating with a price target of $138.00, highlighting Churchill Downs’ diversified customer base and revenue potential from its TwinSpires platform. JPMorgan initiated coverage with an overweight rating and a $116.00 price target, suggesting that current market sentiment is overly negative. The firm believes Churchill Downs’ shift toward returning capital to shareholders is a positive development. Additionally, Stifel analysts reaffirmed their Buy rating and $130 price target, citing confidence in the Kentucky Derby’s pricing power and growth prospects at The Rose Dumfries.
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