Churchill Downs (CHDN) PT Raised to $157 at Mizuho
Mizuho analyst Ben Chaiken raised the price target on Churchill Downs (NASDAQ: CHDN) to $157.00 (from $155.00) while maintaining a Outperform rating.
The analyst commented: "Overall, EBITDA better-than-expected at $477m (vs our $469.3m and Street $473.5m). With CHDN beating EBITDA against our estimates across all segments, we note strength in Wagering Services & Solutions EBITDA benefited from lower legal expenses YoY, Regional strength was likely expected with comments from peers and inter-Q reporting, and upside to L&H from KY (ex. CD Racetrack) -- EBITDA +$6m YoY on margins +62bps YoY.
Overall, we believe softness in the stock is from elevated expectations around asset sales, which were extremely well telegraphed, and now appear to be a piecemeal process, as well as continued VA softness."