Janney Capital reiterated a Buy rating on Churchill Downs (NASDAQ: CHDN), and raised the price target to $180.00 (from $165.00), following the company's 3Q earnings report. CHDN reported 3Q15 revenue of $280M and adjusted EBITDA of $71M.

Analyst Brian McGill commented, "We maintain our BUY on CHDN. We continue to believe CHDN is an undervalued growth story with an attractive FCF outlook. We expect future growth will come from the Kentucky Derby and Big Fish. Further share price appreciation could come from the sale of Arlington Racetrack and/or other gaming assets. Our FV is $180 (from $165), which we derive using a SOTP analysis on our 2016 estimates. We add $10 for the land at Arlington."

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Shares of Churchill Downs closed at $141.72 yesterday.