JP Morgan Cuts Churchill Downs (CHDN) Price Target to $118
Key Points
- JP Morgan reaffirmed its Overweight rating on Churchill Downs Incorporated on October 20, 2026, adjusting its price target down to $118.00 from $123.00.
- JP Morgan's $118 price target implies 41.34% upside from Churchill Downs Incorporated's ($CHDN) current $83.48 share price.
- Institutional funds saw active movement recently, with Citadel Advisors Llc growing its stake by 442,942 shares to end with 1,714,304 shares worth about $143.1 million.
- The gambling operator trades around $83.48 as of October 22, 2026, with trailing twelve-month revenue totaling nearly $3.0 billion and earnings per share of $5.86.
Since the rating, $CHDN is up 0.8% to date (from the $83.03 close on Oct 20, 2026).
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JP Morgan reaffirmed its Overweight rating on Churchill Downs Incorporated (NasdaqGS: CHDN) on October 20, 2026, while lowering its price target from $123.00 to $118.00. The research note outlines the firm's forward-looking view on the gambling operator as shares traded around $83.03 on the day of the update.
CHDN
Churchill Downs Incorporated
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JP Morgan's Call on Churchill Downs
The update from JP Morgan leaves the firm's Overweight stance on the stock unchanged, though analysts trimmed their target by $5.00 from the previous level of $123.00. The adjustment places the new target at $118.00.
Other Institutional Activity in Churchill Downs
London Co of Virginia trimmed its holdings by 129,166 shares, ending with 2,464,527 shares worth about $205.8 million. Citadel Advisors Llc grew its holdings by 442,942 shares, ending with 1,714,304 shares worth about $143.1 million for a 34.8% increase. Arrowstreet Capital, Limited Partnership grew its holdings by 67,733 shares, ending with 1,444,412 shares worth about $120.6 million for a 4.9% increase. Jennison Associates LLC grew its holdings by 122,887 shares, ending with 1,257,575 shares worth about $105.0 million for a 10.8% increase.
Churchill Downs Incorporated Stock Up 0.8%
The stock recently traded around $83.48 as of October 22, 2026, sitting up about 0.5% compared to its close of $83.03 on October 20, 2026. Shares trade roughly in line with their 50-day moving average of $83.51, while sitting about 6.2% below their 200-day moving average of $88.96. The company has a market capitalization of roughly $5.82 billion, a price-to-earnings ratio of 14.25, and a forward P/E of 11.43.
$CHDN price target
Churchill Downs Incorporated daily closes and this analyst's $118 target. Not advice.
Recent Earnings
Churchill Downs reported trailing twelve-month revenue of nearly $3.0 billion alongside basic earnings of $5.86 per share. The company generated a net profit margin of 13.8% and posted a return on equity of 33.8%. Investors look ahead to the next earnings release scheduled for October 28, 2026.
Dividend
The company pays an annual dividend rate of $0.44 per share, translating to a dividend yield of 0.53% with a payout ratio of 7.5%.
Analysts Set New Price Targets
Wolfe Research initiated coverage on the stock on September 2, 2026, with an Outperform rating and a $119.00 price target. Citizens maintained a Market Outperform rating on October 13, 2026, lowering its target from $137.00 to $131.00. Wells Fargo maintained an Overweight rating on October 19, 2026, lifting its target from $117.00 to $120.00. Truist Securities maintained a Buy rating on October 20, 2026, lowering its target from $145.00 to $140.00. Across the street, the stock holds a consensus Strong Buy recommendation with a mean price target of $126.33.
About Churchill Downs Incorporated
Headquartered in Louisville, Kentucky, Churchill Downs Incorporated manages entertainment venues featuring live and historical racing, digital wagering platforms, and physical casino gaming sites across the United States. The enterprise operates through three core divisions centered on live racing, wagering solutions, and regional gaming properties.
Bottom Line
JP Morgan's decision to keep an Overweight rating despite lowering its price target keeps attention on the firm's longer-term outlook for the company. Market participants will watch the upcoming earnings report on October 28, 2026, for fresh updates on financial performance.
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Source: JP Morgan's rating change on $CHDN (Oct 20, 2026). Written by software, not financial advice. How we make alerts