Coinstar: Piper Bullish on Redbox; Launches With Overweight Rating

Piper Jaffray analyst Michael Olson today launched coverage of Coinstar (CSTR) with an Overweight rating and $38 price target. The parent of the Redbox video kiosk chain closed yesterday at $31.96.

Olson sees several trends working in the company’s favor:

  • DVD rental kiosk market is gaining share from traditional retailers like Blockbuster.
  • Internet delivery likely still 3-5 years from going mainstream.
  • Consumers shifting to DVD rentals from purchases due to low fees from Redbox – $1-a-day.

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