UPDATE: Imperial Capital Establishes PT of $64 on Churchill Downs

Imperial Capital reiterates its Outperform rating on Churchill Downs

and establishes a price target of $64 as the company is well positioned for potential growth on online gaming. Imperial Capital says, "Based on 4Q11 results and our revised outlook for 2012, we are lowering our revenue estimate by 1% but raising our EBITDA estimate by 2%. We anticipate CHDN will benefit from continued growth in the Gaming and Online segments, and improved profitability around the Racing segment per the focus on Derby Week. Additionally, in our view, the company is positioning itself for the potential legalization of online poker, and recent M&A activities will likely bolster the Gaming segment, pending litigation." CHDN closed at $56.15 a share on Tuesday.