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December 2, 2013
07:32 EDTCHDNChurchill Downs EBITDA does not reflect pipeline potential, say Brean Capital
Brean Capital does not believe Churchill Downs' EBITDA does not fully reflect the current project pipeline potential. The firm also cited the opening of a new casino in Miami, the strength of the Kentucky Derby brand, free cash flow and strong balance sheet. Shares are Buy rated with a $97 price target.
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