We initiate on Churchill Downs Incorporated (NASDAQ: CHDN ) at Strong Buy with a $131 PT. CHDN is a leading U.S. racing, online wagering, and gaming operator across three fast-growing segments: Live and Historical Racing, TwinSpires, and Gaming. Our Strong Buy is based on threeMoretus Research delivers state-of-the-art, buy-side quality equity research for serious investors seeking clarity, conviction, and alpha. Focused on U.S. public markets, Moretus applies a structured, repeatable framework to identify ...