Core Viewpoint - Churchill Downs Incorporated (NASDAQ:CHDN) is considered one of the most undervalued stocks on NASDAQ, with a current trading multiple of 9.4x expected EBITDA for 2027, below its long-term average of 11.7x, indicating potential for price appreciation [1]. Group 1: Investment Outlook - JMP Securities has reiterated a Market Outperform rating for Churchill Downs with a price target of $142, reflecting confidence in the company's growth prospects [1]. - The firm has identified several potential triggers for stock performance leading up to the 2026 Kentucky Derby, including historical racing machines (HRMs), financing decisions, and expected return on invested capital (ROIC) [2]. Group 2: Business Segments - Churchill Downs operates in the gambling sector, providing online betting, gaming, and racing services, and is structured into three main divisions: live and historical racing, wagering services, and gaming [3].