Piper Jaffray Provides Color on Coinstar

According to a recent report from Piper Jaffray, Coinstar CSTR is heading in a positive direction due to a consistently strong box office with help from a record breaking Memorial Day weekend. The box office points to positive signs for Redbox in 2H11 and Piper Jaffray reiterates an Overweight rating and a $68.00 price target on Coinstar. In the report, Piper Jaffray said, "We believe strong box office performance is a slight positive for Redbox in 2H11 and into early 2012. We note that on a y/y basis there are more titles from studios that delay DVD releases 28 days, but we believe the stronger box office is a more important factor than delayed titles." Coinstar closed yesterday at $52.02.