Churchill Downs

CHDN · NASDAQ

$83.03+$1.06 (+1.29%)TodayMarket closed · Oct 20, 4:19 PM ET

Prev close $81.97

CHDN analyst rating

BuyConsensus of 9 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform0
Sell0

12-month price target · 16 analysts

Average $134.15 (+61.6% upside)

Low: $101.00
Now: $83.03
High: $164.85

Upgrades and downgrades

The latest rating actions, newest first

CHDN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 20, 2026	Maintains	Overweight	$123.00 → $118.00	48%
Truist Securities	Oct 20, 2026	Maintains	Buy	$145.00 → $140.00	39%
Wells Fargo	Oct 19, 2026	Maintains	Overweight	$117.00 → $120.00	33%
Citizens	Oct 13, 2026	Maintains	Market Outperform	$137.00 → $131.00	31%
Wolfe Research	Sep 2, 2026	Initiates	Outperform	$119.00	53%
Mizuho	Aug 3, 2026	Maintains	Outperform	$155.00 → $157.00	38%
Wells Fargo	Jul 31, 2026	Maintains	Overweight	$120.00 → $117.00	33%
Citizens	Jul 31, 2026	Maintains	Market Outperform	$149.00 → $137.00	31%
Susquehanna	Jul 31, 2026	Maintains	Positive	$121.00 → $124.00	50%
Wells Fargo	Jul 14, 2026	Maintains	Overweight	$132.00 → $120.00	33%

The case for and against

Updated Jan 12, 2026

Bull case

Churchill Downs Inc. reported a robust 25% year-over-year growth in EBITDA for its Live and Historical Racing segment, reaching $116 million, primarily driven by increased revenues from Kentucky and Virginia Historical Racing Machines (HRMs). Despite a slight decline from the Derby, the upward trends in KY and VA HRM venues underscore the segment's resilience and potential for further growth, supported by strategic expansion projects and the strengthening of its flagship assets. Additionally, the company's strong third-quarter performance and a notable return on investment from the Derby project, combined with its share repurchase strategy, indicate a favorable outlook for profit growth and capital returns amidst potential consumer spending risks.

Bear case

Churchill Downs Inc. has been identified as having weak price momentum, suggesting a history of poor medium to long-term returns that may continue in the future. The company's Gaming segment posted an EBITDA of $123 million, which remained flat year-over-year, indicating potential stagnation in this core revenue stream. Although the Wagering Services segment demonstrated an 8% year-over-year EBITDA growth, the overall performance in the gaming arena raises concerns about sustained profitability and investor confidence.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.