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: