Stifel maintains Buy rating on Churchill Downs, $132 price target

Churchill Downs (CHDN) is selling nine regional casinos, with potential buyers like Boyd and Monarch. Analyst Barry Jonas expects high interest but no deal before late 2020. The casinos are in various states, with no geographic overlap for Boyd or Monarch. Churchill owns the real estate, a key factor for buyers.

Mike Repole, a beverage entrepreneur, disclosed a 1.43% stake in Churchill Downs Inc. (CHDN) via a 1M share purchase, with potential for further investment.

Billionaire Mike Repole acquired a 1.5% stake in Churchill Downs, purchasing 1 million shares. He expressed optimism about the company's potential, citing the Kentucky Derby's popularity. Churchill Downs' stock has fallen 35% year-to-date, but Repole's investment could positively impact its performance, according to analysts. The stock was trading at $79.31 at the time of reporting.

Churchill Downs Inc. (CHDN) shares rose 6% after Mike Repole disclosed a 1.4% stake. Repole, citing the Kentucky Derby's potential, plans to engage with management. The company welcomed his investment. CHDN is down 11% over the past year.

Churchill Downs (CHDN) shares fell 5.2% after Mizuho cut its price target to $125 from $157, citing Virginia gaming headwinds. Analyst Ben Chaiken reduced full-year EBITDA estimate to $1.24B, below consensus. The stock has seen 10+5% moves in the past year, including a 7.8% gain on Q1 2026 earnings beat.

Churchill Downs Inc. (CHDN) priced a $500M term loan due in 2033, with interest at SOFR + 175 basis points. Proceeds will repay existing debt, cover costs, and support operations. The company also plans to redeem 5.50% notes due in 2027 using revolver borrowing. The refinancing extends maturity but increases floating-rate exposure.