J.P. Morgan Lowers PT To $46.50 On CSTR

J.P. Morgan has lowered its price target on Coinstar CSTR from $50 to $46.50 following the release of the company's 2Q11 results. Says J.P. Morgan, in its report, “CSTR reported 2Q results and issued guidance in-line with pre-announcement and with the consensus expectations. Revenue shortfall was caused by underperformance of some day & date titles, performance of 28-day titles, and underwhelming Blu-Ray demand; margin upside was caused by supply chain improvements and a shift of a portion of expense into 2H.” J.P. Morgan is maintaining its Underweight rating on the stock. CSTR closed yesterday at $51.33.