Susquehanna Cuts Churchill Downs (CHDN) Price Target to $115

On October 21, 2026, Susquehanna maintained its Positive rating on Churchill Downs Incorporated (NasdaqGS: CHDN) while adjusting its price target downwards from $124 to $115. The research note arrived as the racing and gaming operator prepared for its upcoming financial report, with the stock closing at $82.79 on the day of the announcement.

CHDN Churchill Downs Incorporated

$83.72 ▼ -25.22% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Susquehanna's Call on Churchill Downs

In its October 21 note, Susquehanna kept its Positive rating on the stock while moving its target from $124 down to $115. The firm's forward-looking opinion joins a string of recent updates from major financial institutions assessing the gaming operator's market position.

Other Institutional Activity in Churchill Downs

Large institutional investors adjusted their positions in Churchill Downs earlier in the year. London Co of Virginia reduced its holdings by 129,166 shares, ending with 2,464,527 shares worth about $205,751,038. Citadel Advisors Llc grew its holdings by 442,942 shares, ending with 1,714,304 shares worth about $143,118,670. Arrowstreet Capital, Limited Partnership grew its holdings by 67,733 shares, ending with 1,444,412 shares worth about $120,586,736. Jennison Associates LLC grew its holdings by 122,887 shares, ending with 1,257,575 shares worth about $104,988,649.

Churchill Downs Incorporated Stock Up 0.8%

Churchill Downs shares recently traded around $83.48 on October 22, 2026, up about 0.8% from the previous day's close of $82.79. The stock has a trailing P/E ratio of 14.25 and a forward P/E ratio of 11.43. Its market capitalization stands at approximately $5.82 billion.

Recent Earnings

For the trailing twelve months, Churchill Downs generated $2.99 billion in revenue with a net profit margin of 13.8%. The company reported a trailing earnings per share of $5.86 and a return on equity of 33.8%. The company is scheduled to release its next earnings report on October 28, 2026.

Dividend

Churchill Downs 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

Other Wall Street firms updated their views ahead of the company's report. On October 13, 2026, Citizens maintained its Market Outperform rating and lowered its target from $137 to $131. Wells Fargo maintained an Overweight rating on October 19, 2026, and raised its target from $117 to $120. On October 20, 2026, JP Morgan maintained an Overweight rating while lowering its target from $123 to $118. On the same day, Truist Securities maintained a Buy rating and lowered its target from $145 to $140. Across the wider analyst community, the stock holds a consensus recommendation of strong buy with a mean price target of $126.33 based on 12 analyst opinions.

About Churchill Downs Incorporated

Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties in the United States. Headquartered in Louisville, Kentucky, and led by CEO William C. Carstanjen, the company runs its operations through three core segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. These operations serve customers across the entertainment and gaming sectors.

Bottom Line

Investors will look toward the upcoming earnings report on October 28, 2026, for further insight into the company's financial health. Analyst revisions and institutional shifts provide context as the market awaits the next quarterly numbers.