JPMorgan analyst Omer Sander initiated coverage of Churchill Downs with a Neutral rating and $243 price target. The analyst thinks Churchill "possesses ample growth potential" in the historical racing machine space across Kentucky and Virginia, which he says should complement projects at Churchill Downs Racetrack coming online through 2024 and offsetting potentially softer same-store revenues. However, his 2023 estimates are below consensus, as he assumes a high-single-digit same store revenue decline taking into account a "downbeat" macro environment. As such, Sander sees better value elsewhere in gaming and looks at the stock as fairly valued.
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Published first on TheFly
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