Piper Jaffray Reiterates Overweight Rating On Coinstar (CSTR)

Piper Jaffray reiterated their Overweight rating on shares of Coinstar CSTR and their $62 price target in a company note today. According to the report, Paramount and Redbox (which is owned by CSTR) have announced a long term distribution agreement that provides Redbox with access to Paramount DVDs for the foreseeable future. According to the Piper Jaffray analysts, "Paramount was the last major uncertainty surrounding Redbox distribution agreements." Warner Brothers, Universal, and Fox all signed deals with Redbox earlier this year. According to the report, "With these deals in place, the company is positioned to focus on growing the Redbox footprint, knowing that inventory acquisition will not be an issue." During the current trading session, CSTR shares have gained 0.70% to $52.87. CSTR trades at a trailing P/E of 56.66, a forward P/E of 19.22 and a PEG ratio of 1.02. The company has a current market cap of $1.67 billion.