Churchill Downs price target raised to $145 from $141 at Wells Fargo

Wells Fargo raised the firm’s price target on Churchill Downs to $145 from $141 and keeps an Overweight rating on the shares. Q1 adjusted EBITDA was 6% above the firm’s Street-high estimates, reflecting upside margins in Virginia and Kentucky and better regional Gaming performance, the analyst says. Wells still likes the setup into the Derby and for property ramps throughout 2H24.