Stifel Reiterates Buy Rating on Churchill Downs (CHDN)

Stifel analyst Jeffrey Stantail reiterated a Buy rating and $164.00 price target on Churchill Downs (NASDAQ: CHDN).

The analyst commented: "Earlier today, we attended a tour of the recently opened $460M The Rose casino-resort in Dumfries, VA, hosted by CHDN management & property leadership. Our key takeaways include: 1) initial topline/margin disclosures for The Rose are limited and noisy, though management seemed encouraged on early demand trends with feasibility analysis suggesting likely upside to Consensus 2025/26E L&H Adj. EBITDAR, 2) CHDN’s capital project plans remain intact, with potential for legislation to emerge permitting additional VA capacity, and 3) regional GGR growth inflected in November, which while partly calendar-driven, likely also reflects post-election animal spirits (in particular within the low-income cohort). CHDN remains our preferred name within the regional operator group heading into 2025, reflecting idiosyncratic upside bias to 2025/26E Consensus & potential growth capex and/or HHR state expansion catalysts. Reiterate Buy and $164 target price."

For an analyst ratings summary and ratings history on Churchill Downs click here. For more ratings news on Churchill Downs click here.

Shares of Churchill Downs closed at $129.55 yesterday.

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