JMP Securities Maintains Churchill Downs (CHDN) Outperform Recommendation

Fintel reports that on September 14, 2023, JMP Securities maintained coverage of Churchill Downs (NASDAQ:CHDN) with a Outperform recommendation.

Analyst Price Forecast Suggests 28.90% Upside

As of August 31, 2023, the average one-year price target for Churchill Downs is 154.02. The forecasts range from a low of 140.39 to a high of $164.85. The average price target represents an increase of 28.90% from its latest reported closing price of 119.49.

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The projected annual revenue for Churchill Downs is 2,561MM, an increase of 16.88%. The projected annual non-GAAP EPS is 9.42.

What is the Fund Sentiment?

There are 780 funds or institutions reporting positions in Churchill Downs. This is an increase of 34 owner(s) or 4.56% in the last quarter. Average portfolio weight of all funds dedicated to CHDN is 0.35%, an increase of 1.29%. Total shares owned by institutions increased in the last three months by 93.33% to 69,279K shares. The put/call ratio of CHDN is 1.26, indicating a bearish outlook.

What are Other Shareholders Doing?

Capital Research Global Investors holds 5,984K shares representing 7.99% ownership of the company. In it's prior filing, the firm reported owning 2,925K shares, representing an increase of 51.12%. The firm increased its portfolio allocation in CHDN by 4.00% over the last quarter.

AMCPX - AMCAP FUND holds 2,813K shares representing 3.76% ownership of the company. In it's prior filing, the firm reported owning 921K shares, representing an increase of 67.25%. The firm increased its portfolio allocation in CHDN by 61.38% over the last quarter.

AGTHX - GROWTH FUND OF AMERICA holds 2,360K shares representing 3.15% ownership of the company. In it's prior filing, the firm reported owning 1,032K shares, representing an increase of 56.29%. The firm increased its portfolio allocation in CHDN by 20.02% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,097K shares representing 2.80% ownership of the company. In it's prior filing, the firm reported owning 1,038K shares, representing an increase of 50.47%. The firm increased its portfolio allocation in CHDN by 0.86% over the last quarter.

Schroder Investment Management Group holds 2,065K shares representing 2.76% ownership of the company. In it's prior filing, the firm reported owning 1,236K shares, representing an increase of 40.14%. The firm increased its portfolio allocation in CHDN by 280.44% over the last quarter.

Churchill Downs Background Information
(This description is provided by the company.)

Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by iconic flagship event, the Kentucky Derby. The Company owns and operates three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. It also owns and operates TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and it has seven retail sportsbooks. The Company is also a leader in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games.

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This story originally appeared on Fintel.

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