Churchill Downs Stock Upgraded at J.P. Morgan

Fears of Kentucky Derby cancelling are overblown

Shares of Churchill Downs Inc. CHDN, +0.64% rose 1.4% in morning trading Monday, after J.P. Morgan analyst Daniel Politzer upgraded the Kentucky Derby venue, saying investors concerns over the coronavirus outbreak is overblown. Politzer raised his rating to overweight, Churchill Downs Stock Upgradedafter being at neutral for at least the past three years, while keeping his price target at $148. Through Friday, the stock had tumbled 23.6% amid a seven-session losing streak since the $164.37 record close. Politzer said the stock appears to be trading under the assumption that the Kentucky Derby could be cancelled, a scenario he believes as “unlikely,” given that the Derby has run uninterrupted for 145 straight years, despite various pandemics, world wars and the Great Depression…

Churchill Downs Stock Upgraded:

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About Editor

Rich Nilsen is a 17-time qualifier to the National Horseplayers Championship (NHC), an event he has cashed in four times. He was the first player to finish in the top 10 twice. He cashed on the 2018 NHC Tour with a 19th overall finish. Rich was also a winner of a $24,000 package into Kentucky Derby Betting Championship I. A former executive with Brisnet.com, Rich is a graduate of the University of Louisville Equine Business Program and is founder of AGameofSkill.com, a site devoted to horse racing education and promotion.

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