Churchill Downs (CHDN) Shifting Investment Narrative Amid iGaming Expansion Risk and Upside Potential

Churchill Downs' (CHDN) investment story is shifting due to iGaming expansion risk in Virginia. Wells Fargo trimmed its price target to $124, but remains Overweight with a central fair value estimate of $135.50. Analysts weigh the risk against potential growth, with some firms still engaging with the story on valuation and long-term growth potential. Regulatory and competitive uncertainties around iGaming limit confidence in some models.