{"id":276114,"date":"2023-06-05T15:21:59","date_gmt":"2023-06-05T20:21:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=276114"},"modified":"2023-06-05T15:30:09","modified_gmt":"2023-06-05T20:30:09","slug":"churchill-stock-supported-by-wall-street","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/","title":{"rendered":"Churchill Stock Supported by Analysts Following Spring Meet Suspension"},"content":{"rendered":"

Churchill Downs (NASDAQ: CHDN) stock drew the support of some Wall Street analysts Monday following the operator\u2019s suspension of its spring meet amid the deaths of 12 race horses over the past month.<\/p>\n

\"Ellis
Horses break from the starting gate in a recent race at Ellis Park in Henderson, KY. That’s where Churchill Downs moved its spring meet, but analysts remain bullish on the stock. (Image: Ellis Park\/Twitter)<\/figcaption><\/figure>\n

Last Friday, the gaming company announced its spring session will be halted starting June 7<\/a> and will be moved to Ellis Park Racing & Gaming in Henderson, Ky. on Saturday, June 10. Churchill Downs is undertaking a comprehensive review of its safety standards and track surface following 12 equine deaths, including several in the days leading up to last month’s Kentucky Derby.<\/p>\n

Officials haven\u2019t been able to pinpoint a link between the deaths. Analysts aren\u2019t overreacting to the suspension of the spring meet. Rather, some are reiterating bullish views on shares of Churchill.<\/p>\n

Pending any capital consumption that may be required as a conclusion of the review, the events are tragic and unfortunate but unlikely to impact our thesis on the shares,\u201d wrote Jefferies analyst David Katz in a note to clients on Monday.<\/p><\/blockquote>\n

Katz maintained a \u201cbuy\u201d rating on the shares, which fell 6.11% today on volume that was nearly double the daily average.<\/p>\n

\u2018Bad PR,\u2019 but Limited Financial Impact<\/h2>\n

Katz remains constructive on Churchill stock due in part to a favorable consumer environment and capital markets being open, should the company need to raise cash.<\/p>\n

\n

Likewise, Wells Fargo’s Daniel Politzer sounded a bullish tone<\/a> on the gaming equity. In a Monday report to clients, he acknowledged that suspension of the spring meet was \u201cnot ideal\u201d and amounts to \u201cbad PR\u201d for the operator, but added the company is doing the right thing and that near-term financial impact is likely muted.<\/p>\n<\/div>\n

\u201cOutside of the Derby, Churchill Downs doesn\u2019t make much money on racing and, as seen during the pandemic, people who want to bet on racing will still do so online,\u201d observed Politzer.<\/p>\n

Politzer maintained an \u201coutperform\u201d rating with a $155 price target on Churchill stock. That implies upside of 16% from Monday\u2019s close.<\/p>\n

Reputational Damage Possible<\/h2>\n

Jefferies\u2019 Katz added that \u201cmaterial economic impact\u201d to earnings by way of the spring meet suspension is unlikely for Churchill Downs because the Kentucky Derby accounts for the bulk of the operator\u2019s second-quarter financial results, and that event already took place.<\/p>\n

\n

In fact, Derby Day and Derby Week betting handles surged to all-time highs. Churchill Downs CEO Bill Carstanjen said in a May statement that Derby Week earnings before interest, taxes, depreciation, and amortization this year could be $14 million to $16 million ahead of the record set in 2022.<\/p>\n<\/div>\n

Still, the risk to Churchill Downs, a stock that\u2019s broadly loved<\/a> on Wall Street, could be reputational, according to Wells Fargo\u2019s Politzer, and that sentiment could extend to horse racing itself.<\/p>\n

Recent tests of the Churchill Downs track surface didn\u2019t reveal anything out of the ordinary and investigations by the Kentucky Horse Racing Commission (KHRC) and the Horseracing Integrity and Safety Authority (HISA) weren\u2019t able to pinpoint a commonality between the 12 equine deaths.<\/p>\n","protected":false},"excerpt":{"rendered":"

Churchill Downs (NASDAQ: CHDN) stock drew the support of some Wall Street analysts Monday following the operator\u2019s suspension of its spring meet amid the deaths of 12 race horses over the past month. Last Friday, the gaming company announced its spring session will be halted starting June 7 and will be moved to Ellis Park […]<\/p>\n","protected":false},"author":46,"featured_media":232278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,14577,84511,1074],"tags":[81903,81900,82714,80968],"acf":[],"yoast_head":"\nChurchill Stock Supported By Wall Street<\/title>\n<meta name=\"description\" content=\"Churchill stock gets positive analyst news following spring meet suspension.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Churchill Stock Supported By Wall Street\" \/>\n<meta property=\"og:description\" content=\"Churchill stock gets positive analyst news following spring meet suspension.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-05T20:21:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-05T20:30:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/FasWWz5XgAAvcCq.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"805\" \/>\n\t<meta property=\"og:image:height\" content=\"644\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/\",\"url\":\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/\",\"name\":\"Churchill Stock Supported By Wall Street\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/FasWWz5XgAAvcCq.jpeg\",\"datePublished\":\"2023-06-05T20:21:59+00:00\",\"dateModified\":\"2023-06-05T20:30:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Churchill stock gets positive analyst news following spring meet suspension.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/churchill-stock-supported-by-wall-street\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/FasWWz5XgAAvcCq.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/FasWWz5XgAAvcCq.jpeg\",\"width\":805,\"height\":644,\"caption\":\"Horses break from the starting gate in a recent race at Ellis Park in Henderson, KY. 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