Truist started coverage of Churchill Downs (NASDAQ:CHDN) at a Buy rating on Friday, noting significant upside beyond just horse racing.
“As sports teams, leagues and high-end brands see record valuations, we see scope for CHDN and its iconic Kentucky Derby race (or rather brand) to appreciate accordingly,” equity analyst Barry Jonas explained.The company has admirably expanded into the HHR subsegment of gaming, extending its moat in Kentucky but also setting CHDN up as the best growth story in gaming.”
While he noted that a shaky macroeconomic environment hangs over the stock and increased competition remains a concern, Jonas sees strong growth for the stock nonetheless. A “very long-term oriented investor base” is also expected to remain patient with any near-term choppiness.
Jonas assigned a $300 price target on the name alongside the Buy rating.
Read more on why the Seeking Alpha Quant team is voicing valuation concerns.
Churchill Downs lands bull rating from Truist
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