Churchill Downs (CHDN)

• Market cap: $8.6B
• 1 day: -1.80%
• 5 days: -5.60%
• 1 month: -7.50%
• 3 months: -17.89%
• 6 months: -15.23%
• Year to date: -11.16%
• 1 year: -0.44%
• 5 years: 45.01%
• 10 years: 574.22%
• Sector: Consumer Discretionary
• Industry: Racing, Including Track Operation

About: Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, TwinSpires, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The TwinSpires segment includes the revenue and expenses for online horse racing and the online and retail sports betting and iGaming wagering business. The Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.

Employees: 8,870

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

216% more call options, than puts

Call options by funds: $74.9M | Put options by funds: $23.7M

15% more repeat investments, than reductions

Existing positions increased: 165 | Existing positions reduced: 143

14% more first-time investments, than exits

New positions opened: 49 | Existing positions closed: 43

1.07% more ownership

Funds ownership: 76.61% [Q3] → 77.68% (+1.07%) [Q4]

1% more capital invested

Capital invested by funds: $7.59B [Q3] → $7.62B (+$38.7M) [Q4]

0% more funds holding in top 10

Funds holding in top 10: 6 [Q3] → 6 (+0) [Q4]

2% less funds holding

Funds holding: 447 [Q3] → 438 (-9) [Q4]

Research analyst outlook

5 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $148 27% upside
• Avg. target: $160 37% upside
• High target: $166 42% upside

5 analyst ratings

• positive: 5 100%
• neutral: 0 0%
• negative: 0 0%

Stifel Jeffrey Stantial 48% 1-year accuracy 13 / 27 met price target	38% upside $161	Buy Maintained	21 Feb 2025
Wells Fargo Daniel Politzer 59% 1-year accuracy 34 / 58 met price target	35% upside $158	Overweight Maintained	21 Feb 2025
Mizuho Ben Chaiken 63% 1-year accuracy 40 / 64 met price target	27% upside $148	Outperform Maintained	19 Feb 2025
JMP Securities Aaron Hecht 61% 1-year accuracy 33 / 54 met price target	42% upside $166	Market Outperform Reiterated	16 Jan 2025
JMP Securities Jordan Bender 63% 1-year accuracy 36 / 57 met price target	42% upside $166	Market Outperform Reiterated	19 Dec 2024