Wedbush Initiates Coverage on Coinstar (CSTR) with an Outperform
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Wedbush initiates coverage on Coinstar (Nasdaq: CSTR) with an Outperform, price target $35.
Wedbush analyst says,"The recent stock sell-off, despite solid earnings, appears to reflect belated investor realization of Redbox's difficult relationship with some studios. Although we expect the work-around process to lower gross margin, we believe that revenues are poised to grow rapidly, driving much higher 2010 EPS growth than consensus estimates. Our $35 price target reflects a ~20x forward P/E multiple, in line with the cash-adjusted multiple we assign to Netflix (Nasdaq: NFLX), although a slight discount to the company's historical valuation."
To see all the upgrades/downgrades on shares of CSTR, visit our Analyst Ratings page.
Coinstar, Inc. provides a range of solutions for retailersÂ’ storefronts, including self-service coin counting, entertainment services, and e-payment services.
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