Ultime notizie per Churchill Downs (NASDAQ:CHDN) Azioni

Churchill Downs

Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, TwinSpires, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The TwinSpires segment includes the revenue and expenses for online horse racing and the online and retail sports betting and iGaming wagering business. The Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.

Churchill Downs, Incorporated - Common Stock

Churchill Downs Inc

Truist Securities analyst Barry Jonas reiterates Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Buy and lowers the price target from $166 to $165.

News

Price Target

Reiteration

Analyst Ratings

CHDN

Truist Securities Reiterates Buy on Churchill Downs, Lowers Price Target to $165

Earnings

Earnings Misses

Churchill Downs Q3 2024 Adj. EPS $0.97 Misses $1.06 Estimate

Churchill Downs Incorporated ("CDI" or "the Company") announced today the planned development of a $40 to $50 million historical racing machine ("HRM") entertainment venue in Calvert City, Kentucky. CDI plans to open the new 23,000 square-foot facility with 250 HRMs, a sports bar and a sportsbook, and a simulcast center in early 2026. The new facility will serve as an extension of Oak Grove Racing, Gaming and Hotel ("Oak Grove") and will be CDI's eighth historical horse racing entertainment venue in the Commonwealth of Kentucky.

Churchill Downs Announces The Planned Development Of A $40M-$50M Historical Racing Machine Entertainment Venue In Calvert City, Kentucky

Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) reported quarterly earnings of $0.86 per share which missed the analyst consensus estimate of $0.89 by 3.37 percent. The company reported quarterly sales of $628.500 million which missed the analyst consensus estimate of $628.525 million by 0 percent. This is a 9.78 percent increase over sales of $572.500 million the same period last year.

Churchill Downs Q3 2024 GAAP EPS $0.86 Misses $0.89 Estimate, Sales $628.500M Miss $628.525M Estimate

Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-10-23. Here's what investors need to know before the announcement.
Analysts estimate that Churchill Downs will report an earnings per share (EPS) of $1.02. 
The market awaits Churchill Downs's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Historical Earnings Performance</h3>
Last quarter the company beat EPS by $0.18, which was followed by a 0.52% increase in the share price the next day.

<img src="https://www.benzinga.com/files/images/story/2024/1729612998_0.png" alt="eps graph" />
<h3>Churchill Downs Share Price Analysis</h3>
Shares of Churchill Downs were trading at $135.49 as of October 21. Over the last 52-week period, shares are up 23.0%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<h3>Analyst Insights on Churchill Downs</h3>
Understanding market sentiments and expectations within the industry is crucial for investors. This analysis delves into the latest insights on Churchill Downs.
The consensus rating for Churchill Downs is Outperform, based on 10 analyst ratings. With an average one-year price target of $161.6, there's a potential 19.27% upside.
<h3>Analyzing Analyst Ratings Among Peers</h3>
In this analysis, we delve into the analyst ratings and average 1-year price targets of Caesars Entertainment, Light &amp; Wonder and MGM Resorts Intl, three key industry players, offering insights into their relative performance expectations and market positioning.
<ul>
<li>The consensus among analysts is an Outperform trajectory for Caesars Entertainment, with an average 1-year price target of $53.8, indicating a potential 60.29% downside.</li>
<li>Light &amp; Wonder received a Buy consensus from analysts, with an average 1-year price target of $111.0, implying a potential 18.08% downside.</li>
<li>MGM Resorts Intl received a Outperform consensus from analysts, with an average 1-year price target of $53.5, implying a potential 60.51% downside.</li>
</ul>
<h3>Overview of Peer Analysis</h3>
The peer analysis summary outlines pivotal metrics for Caesars Entertainment, Light &amp; Wonder and MGM Resorts Intl, demonstrating their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Churchill Downs</td>
<td>Outperform</td>
<td>15.90%</td>
<td>$388M</td>
<td>22.53%</td>
</tr>
<tr>
<td>Caesars Entertainment</td>
<td>Outperform</td>
<td>-1.70%</td>
<td>$1.51B</td>
<td>-2.80%</td>
</tr>
<tr>
<td>Light &amp; Wonder</td>
<td>Buy</td>
<td>11.90%</td>
<td>$582M</td>
<td>10.12%</td>
</tr>
<tr>
<td>MGM Resorts Intl</td>
<td>Outperform</td>
<td>9.77%</td>
<td>$2.00B</td>
<td>5.61%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Churchill Downs ranks at the top for Revenue Growth and Gross Profit among its peers. It is in the middle for Return on Equity.
<h3>All You Need to Know About Churchill Downs</h3>
Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, TwinSpires, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The TwinSpires segment includes the revenue and expenses for online horse racing and the online and retail sports betting and iGaming wagering business. The Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.
<h3>Churchill Downs: Delving into Financials</h3>
Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.
Revenue Growth: Churchill Downs's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 15.9%. This indicates a substantial increase in the company's top-line earnings. As compared to its peers, the company achieved a growth rate higher than the average among peers in Consumer Discretionary sector.
Net Margin: Churchill Downs's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 23.5%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Churchill Downs's ROE excels beyond industry benchmarks, reaching 22.53%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Churchill Downs's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 2.94% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 4.71.
<a href="https://www.benzinga.com/quote/CHDN/earnings">To track all earnings releases for Churchill Downs visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Preview Of Churchill Downs's Earnings

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Needham raised Tyler Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>) price target from $600 to $700. Needham analyst Joshua Reilly maintained a Buy rating. Tyler Technologies shares closed at $586.77 on Monday. <a href="https://www.benzinga.com/quote/TYL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Bernstein cut the price target for Global Payments Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPN#NYSE">GPN</a>) from $135 to $112. Bernstein analyst Harshita Rawat downgraded the stock from Outperform to Market Perform. Global Payments shares closed at $99.98 on Monday. <a href="https://www.benzinga.com/quote/GPN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird raised the price target for Zions Bancorporation, National Association (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) from $52 to $55. Baird analyst David George maintained a Neutral rating. Zions Bancorporation shares closed at $49.44 on Monday. <a href="https://www.benzinga.com/quote/ZION/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Deutsche Bank raised FTAI Aviation Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) price target from $125 to $160. Deutsche Bank analyst Hillary Cacanando maintained a Buy rating. FTAI Aviation shares settled at $142.36 on Monday. <a href="https://www.benzinga.com/quote/FTAI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies boosted Paylocity Holding Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCTY#NASDAQ">PCTY</a>) price target from $145 to $200. Jefferies analyst Samad Samana upgraded the stock from Hold to Buy. Paylocity Holding shares closed at $171.45 on Monday. <a href="https://www.benzinga.com/quote/PCTY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho cut Churchill Downs Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) price target from $157 to $151. Mizuho analyst Ben Chaiken maintained an Outperform rating. Churchill Downs shares closed at $135.49 on Monday. <a href="https://www.benzinga.com/quote/CHDN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital raised the price target for Marriott International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) from $240 to $255. BMO Capital analyst Ari Klein maintained a Market Perform rating. Marriott shares settled at $264.97 on Monday. <a href="https://www.benzinga.com/quote/MAR/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Evercore ISI Group raised Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) price target from $475 to $565. Evercore ISI Group analyst Michael Binetti maintained an Outperform rating. Ferrari shares closed at $480.18 on Monday. <a href="https://www.benzinga.com/quote/RACE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen cut the price target for Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) from $16 to $14. TD Cowen analyst Charles Ryhee maintained a Buy rating. Walgreens shares closed at $10.45 on Monday. <a href="https://www.benzinga.com/quote/WBA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Citigroup boosted First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) price target from $200 to $254. Citigroup analyst Vikram Bagri upgraded the stock from Neutral to Buy. First Solar shares closed at $196.25 on Monday. <a href="https://www.benzinga.com/quote/FSLR/analyst-ratings">See how other analysts view this stock</a>.</li>
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Mizuho analyst Ben Chaiken maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Outperform and lowers the price target from $157 to $151.

Mizuho Maintains Outperform on Churchill Downs, Lowers Price Target to $151

Wells Fargo analyst Daniel Politzer maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Overweight and raises the price target from $161 to $168.

Wells Fargo Maintains Overweight on Churchill Downs, Raises Price Target to $168

Providing a diverse range of perspectives from bullish to bearish, 11 analysts have published ratings on Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) in the last three months.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Churchill Downs, revealing an average target of $161.82, a high estimate of $166.00, and a low estimate of $155.00. Witnessing a positive shift, the current average has risen by 5.02% from the previous average price target of $154.09.
<img src="https://www.benzinga.com/files/images/story/2024/1728936060_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The standing of Churchill Downs among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Jordan Bender</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$166.00</td>
<td>$166.00</td>
</tr>
<tr>
<td>Shaun Kelley</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$155.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Chad Beynon</td>
<td>Macquarie</td>
<td>Raises</td>
<td>Outperform</td>
<td>$162.00</td>
<td>$154.00</td>
</tr>
<tr>
<td>Jordan Bender</td>
<td>JMP Securities</td>
<td>Raises</td>
<td>Market Outperform</td>
<td>$166.00</td>
<td>$158.00</td>
</tr>
<tr>
<td>Ben Chaiken</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Outperform</td>
<td>$157.00</td>
<td>$143.00</td>
</tr>
<tr>
<td>Jeffrey Stantial</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$164.00</td>
<td>$160.00</td>
</tr>
<tr>
<td>Barry Jonas</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$166.00</td>
<td>$165.00</td>
</tr>
<tr>
<td>Daniel Politzer</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$161.00</td>
<td>$150.00</td>
</tr>
<tr>
<td>Jeffrey Stantial</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$160.00</td>
<td>$153.00</td>
</tr>
<tr>
<td>Barry Jonas</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$165.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Jordan Bender</td>
<td>JMP Securities</td>
<td>Raises</td>
<td>Market Outperform</td>
<td>$158.00</td>
<td>$156.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Churchill Downs. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Churchill Downs compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Churchill Downs's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
For valuable insights into Churchill Downs's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/CHDN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Churchill Downs analyst ratings.</a>
<h2>Unveiling the Story Behind Churchill Downs</h2>
Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, TwinSpires, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The TwinSpires segment includes the revenue and expenses for online horse racing and the online and retail sports betting and iGaming wagering business. The Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.
<h3>Churchill Downs: Financial Performance Dissected</h3>
Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.
Positive Revenue Trend: Examining Churchill Downs's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 15.9% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Net Margin: Churchill Downs's net margin is impressive, surpassing industry averages. With a net margin of 23.5%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Churchill Downs's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 22.53% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Churchill Downs's ROA excels beyond industry benchmarks, reaching 2.94%. This signifies efficient management of assets and strong financial health.
Debt Management: Churchill Downs's debt-to-equity ratio is below the industry average at 4.71, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Significance of Analyst Ratings Explained</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
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Where Churchill Downs Stands With Analysts

The outlook for growth in 2024 for casino companies could be one key area to watch in the gaming space along with a favorable backdrop for online sports betting companies, an analyst said.
What Happened: JMP Securities analyst Jordan Bender shared the takeaways from the Global Gaming Expo in a new note, with the summaries of thoughts on companies in the casino, gaming and sports betting sectors after meetings with executives.
"Despite the underperformance from brick-and-mortar casino companies, commentary around the outlook and prospects for growth in 2025 skewed more positive than we had expected," Bender said.
Among the top takeaways from the event and meetings for the analyst are softness for regional casinos, the 2024 election being a headwind for the fourth quarter, Las Vegas not falling apart and a favorable view on data suppliers.
The analyst's top pick is Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>), raising the price target from $255 to $287 and maintaining a Market Outperform rating.
"Flutter's 2027 guidance was well-received, and we believe estimates are going to prove conservative in the absence of tax changes, reiterating our top pick call on the company as it currently trades at 9x its 2027E EBITDA guidance."
While Flutter is the top pick, the analyst shared three more stocks favored in the sector.
"We also recommend shares of GENI, CHDN and CZR as our favorite ways to own the gaming space."
Here are the current ratings and price targets on those three stocks from Bender:
<ul>
<li>Genius Sports (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GENI#NYSE">GENI</a>): Market Outperform, $9 price target</li>
<li>Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>): Market Outperform, $166 price target</li>
<li>Caesars Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>): Market Outperform, $59 price target</li>
</ul>
The analyst maintained Market Outperform ratings on MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>) and Golden Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDEN#NASDAQ">GDEN</a>), but lowered the price targets with MGM from $57 to $56 and GDEN from $36 to $35.
Here's a look at the three stocks with new price targets and the other three top sector picks from the analyst.
Flutter Entertainment: Bender said feedback on Flutter continues to be positive with the key question now a matter of how big the total addressable market for online sports betting in the U.S. truly is.
"The $63bn TAM for the U.S. is not a 2030 estimate, rather a 10-year outlook for when the U.S. hits maturity," Bender said of Flutter's recent shared TAM figure.
The analyst said Flutter's free cash flow estimates for 2027 could be conservative.
"We believe the Flutter story continues to improve in the U.S. and rest of world as its scale will support outperformance in comparison to smaller companies in the space."
MGM Resorts International: The analyst said a declining supply of rooms in Las Vegas, new growth projects and a favorable convention backdrop for Las Vegas in 2025 is a positive for the company. 
With DraftKings and Flutter holding a dominant duopoly position for online sports betting, the analyst sees a race for third place and a "desire for a podium position" for several companies including BetMGM, which is a joint venture from MGM and Entain.
Golden Entertainment: Summer heat and seasonality have hurt foot traffic for companies with higher exposure to Las Vegas, like Golden Entertainment, the analyst said.
"The company confirmed the headwinds, mostly during July."
Bender said a meeting with company executives showed optimism that stability is nearing in the fourth quarter.
The company's CFO said investors are not valuing all Golden Entertainment's assets based on the share price, the analyst added. The potential for mergers and acquisitions or an outright sale of the company could be on the table based on the analyst's conversation with management.
Genius Sports: Alongside Sportradar Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRAD#NASDAQ">SRAD</a>), the analyst sees Genius Sports as part of a duopoly for the online sports data supplier market.
"Our conversations with management teams only solidified our positive view on the two companies as both continue to build moats via the portfolio of technology."
Bender said the confidence and tone stood out while talking to Genius Sports.
"The Genius story has remained largely unchanged over the past three years, with management firmly believing that successful execution would lead to increased revenue and profitability."
Bender said the company's NFL contract is profitable and its major league sports rights are secured for many years.
Caesars Entertainment: A meeting with Caesars management was positive, Bender said.
"The company appears on the forefront of several new projects opening/ramping in the coming months, providing a series of catalysts for a mixed regional gaming segment."
The analyst said New Orleans revenue is under pre-renovation levels, but could return to levels comparable to 2019 with recent upgrades.
Churchill Downs: A headwind of the company's Virginia project could soon be coming to an end, the analyst said.
"The timing of the opening is still somewhat uncertain, but we get the sense the property will open to a more graduated opening in the coming weeks."
For the company's Kentucky Derby asset, the analyst said ticket pricing sees an uplift and advertising partnerships could grow.
Read Next: • <a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41316208/stock-of-the-day-boeing-stock-sells-off-as-support-collapses-job-cuts-loom">Stock Of The Day: Boeing Stock Sells Off As Support Collapses, Job Cuts Loom</a>
Photo: Aidan Howe via Unsplash

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6 Top Stocks For Gaming, Casinos, Sports Betting: Analyst Says This Company's Estimates Will 'Prove Conservative'

JMP Securities analyst Jordan Bender reiterates Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Market Outperform and maintains $166 price target.

JMP Securities Reiterates Market Outperform on Churchill Downs, Maintains $166 Price Target

Horse racetrack owner Churchill Downs Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) gets an upgrade from an analyst ahead of the opening of a new gaming resort in Northern Virginia and its ownership of the<a href="https://www.benzinga.com/news/24/05/38653545/kentucky-derby-hits-best-viewership-since-1989-record-betting-handle-why-investors-should-be-watchin"> Kentucky Derby race.</a>
 The Churchill Downs Analyst: Bank of America analyst Shaun C. Kelley upgraded Churchill Downs stock from Neutral to Buy and raised the price target from $145 to $155.
Read Also: <a href="https://www.benzinga.com/news/24/05/38632902/mystik-dan-triumphs-at-kentucky-derby-marking-third-consecutive-year-horse-with-15-1-odds-or-worse-w">Mystik Dan Triumphs At Kentucky Derby, Marking Third Consecutive Year Horse With 15-1 Odds Or Worse Wins Race</a>
The Analyst Takeaways: Strong organic growth and a pipeline of developments that could add to the company's return on investment has Kelley "back on the horse" when it comes to Churchill Downs stock, the analyst said in a new investor note.
"We think CHDN's double-digit growth sets them apart from gaming peers and other consumer stocks," Kelley said.
An item that sets Churchill Downs apart is its growth pipeline, led by The Rose in Northern Virginia, Kelley said. The new gaming resort set to open in September is another catalyst.
Kelley said Churchill Downs can have "sustainable double-digit growth" driven by a recent casino opening, the upcoming Rose opening, a new property in Kentucky in 2025 and additional opportunities for the Kentucky Derby.
The Rose open comes after "a strong opening of the Terre Haute casino" in the second quarter, Kelley added. Churchill Downs also has a new historical racing machine property in Kentucky, coming in 2025.
"We are excited about the potential for the Rose in particular given the densities and low competition in Northern VA and beyond 2025 can see growth carry on from additional HRM's in Virginia and NH."
The analyst said regional gaming trends have performed better than expected and EBITDA margins have been boosted for the company.
While Churchill Downs has a higher multiple of 11.4x 2025 estimated EBITDA, Kelley says the company's pipeline could add double-digit EBITDA growth with competitors struggling to post organic growth.
"Given the earlier phase of HRM buildouts, the monopoly that is the Derby, and lower than sector balance sheet leverage, consumer cyclicality could prove limited."
CHDN Price Action: Churchill Downs stock is up 2.04% to $136.38 on Monday versus a 52-week trading range of $106.45 to $146.64. Churchill Downs stock is close to 10% over the last year and up more than 1% year-to-date in 2024.
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Photo: Shutterstock

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Churchill Downs Analyst Bullish About Kentucky Derby, New Virginia Gaming Resort: 'Sustainable Double-Digit Growth'

B of A Securities analyst Shaun Kelley upgrades Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) from Neutral to Buy and raises the price target from $145 to $155.

B of A Securities Upgrades Churchill Downs to Buy, Raises Price Target to $155

Churchill Downs And NYRA Reach Mutually Agreeable Terms After Discussions

Macquarie analyst Chad Beynon maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Outperform and raises the price target from $154 to $162.

Macquarie Maintains Outperform on Churchill Downs, Raises Price Target to $162

JMP Securities analyst Jordan Bender maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Market Outperform and raises the price target from $158 to $166.

JMP Securities Maintains Market Outperform on Churchill Downs, Raises Price Target to $166

Mizuho analyst Ben Chaiken maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Outperform and raises the price target from $143 to $157.

Mizuho Maintains Outperform on Churchill Downs, Raises Price Target to $157

Stifel analyst Jeffrey Stantial maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Buy and raises the price target from $160 to $164.

Stifel Maintains Buy on Churchill Downs, Raises Price Target to $164

Truist Securities analyst Barry Jonas reiterates Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Buy and raises the price target from $165 to $166.

Truist Securities Reiterates Buy on Churchill Downs, Raises Price Target to $166

Wells Fargo analyst Daniel Politzer maintains Churchill Downs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) with a Overweight and raises the price target from $150 to $161.

Wells Fargo Maintains Overweight on Churchill Downs, Raises Price Target to $161

JMP Securities analyst Jordan Bender maintained a Buy rating on Churchill Downs (CHDN – Research Report) today. The company's shares closed yesterd...

JMP Securities Sticks to Their Buy Rating for Churchill Downs (CHDN)

Churchill Downs (CHDN) has received a new Buy rating, initiated by Wells Fargo analyst, Daniel Politzer. Daniel Politzer has given his Buy rating d...

Churchill Downs: Strategic Expansion and Resilient Financial Performance Drive 'Buy' Rating

Stifel Nicolaus analyst Jeffrey Stantial maintained a Buy rating on Churchill Downs (CHDN – Research Report) today and set a price target of $164.0...

Stifel Nicolaus Remains a Buy on Churchill Downs (CHDN)

Churchill Downs Incorporated 2024 Q3 - Results - Earnings Call Presentation

Churchill Downs Incorporated (CHDN) Q3 2024 Earnings Call Transcript

Mizuho Securities analyst Benjamin Chaiken has maintained their bullish stance on CHDN stock, giving a Buy rating today. Benjamin Chaiken has given...

Bullish Outlook on Churchill Downs: Strong Financial Performance and Strategic Growth Initiatives Drive Buy Rating

Welcome to the latest edition of "Bet On It," where The Fly looks at news and activity in the sports betting and iGaming space. SECTOR NEWS: Red Ro...

Bet On It: DOJ supports lawsuit alleging price fixing at Las Vegas hotels

In a report released yesterday, David Katz from Jefferies maintained a Buy rating on Churchill Downs (CHDN – Research Report), with a price target ...

Strong Performance and Growth Potential Drive Buy Rating for Churchill Downs

The Nevada Gaming Control Board reports September Las Vegas Strip gaming win down 1.83% versus last year to $727.66M. Publicly traded companies in ...

Nevada reports September statewide gaming win up 3.34% to $1.31B

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Bet On It: Breaking down third quarter earnings

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IGT and Churchill Downs Incorporated Pioneer Historical Horse Racing ("HHR") in Malta with National Lottery plc

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Churchill Downs Incorporated Reports 2024 Second Quarter Results

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Churchill Downs Incorporated Reveals Grandstand Club and Pavilion Renovation Plan for Churchill Downs Racetrack

Churchill Downs Incorporated 2024 Third Quarter Financial Results Conference Call Invitation

Churchill Downs Incorporated Reports 2024 Third Quarter Results

Churchill Downs Incorporated Announces New HRM Entertainment Venue in Calvert City, Kentucky

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