Citizens JMP Lowers Churchill Downs Incorporated (CHDN)’s Price Target

Churchill Downs Incorporated (NASDAQ:CHDN) is among the 10 Best Casino Stocks To Buy Now. Citizens JMP kept its Outperform rating on Churchill Downs Incorporated (NASDAQ:CHDN) and reduced its price objective from $144 to $138 on May 27. The change comes after the business in Louisiana removed its historic racing machines, which were estimated to have generated between $10 million and $15 million in EBITDA annually.

Citizens JMP Lowers Churchill Downs Incorporated (CHDN)'s Price Target.

A city skyline looking down on a busy racetrack with jockeys on horseback.

Since the machines had previously produced a consistent flow of income, their withdrawal marks a significant loss for Churchill Downs Incorporated (NASDAQ:CHDN). Although the company is actively seeking mitigation solutions to offset the lost EBITDA, Citizens JMP acknowledges the financial impact. The company maintains its optimistic view of its long-term prospects despite the setback, pointing to the company’s ongoing operational resiliency and management’s focus on earnings growth.

Churchill Downs Incorporated (NASDAQ:CHDN) is a firm that offers online betting, racing, and gaming entertainment. It is divided into three business segments: Gaming, Wagering Services, and Live and Historical Racing. The gaming section covers the earnings and costs of the racetracks and casino assets that support the casino license.

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