Analysts are expecting strong results from Churchill Downs gaming and online businesses and seeing some improvement from its mobile gaming division, Big Fish Games.
As a result, Imperial Capital has raised its price target on the company from $145 to $165 based on the value of Big Fish Games and Churchill Downs most famous asset, the Kentucky Derby.
Churchill Downs has been heavily investing in its mobile with its Big Fish Games segment. The company may see a decline in EBITDA in Q3 entirely due to the increased investment in user acquisition of its mobile division.
Imperial Capital maintains its Outperform rating on Churchill Downs.
Churchill Downs traded down 0.53 percent Friday.
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