Churchill Downs Inc. (CHDN) saw its stock price surge 5.00% during intraday trading on Friday. The significant move follows the company's release of better-than-expected first-quarter financial results and subsequent positive analyst actions.

The company reported quarterly earnings of $1.21 per share, beating the consensus estimate of $1.00 per share. Quarterly sales of $663.000 million also exceeded analyst expectations of $662.185 million. Following the earnings announcement, multiple analysts raised their price targets on the stock.

Mizuho maintained its Outperform rating on Churchill Downs and raised its price target to $155 from $146. Similarly, Citizens analyst Jordan Bender maintained a Market Outperform rating and increased the price target to $149 from $146. Additionally, the company announced the extension of its renewable energy partnership with utilities LG&E and KU for the upcoming 152nd Kentucky Derby week, marking the fourth consecutive year the event's power use will be offset with green energy.