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December 27, 2012
10:15 EDTCSTRCoinstar climbs after analysts say demand strong for Redbox movies
Kiosk operator Coinstar (CSTR), which owns the Redbox brand of movie rental kiosks, is climbing after two analysts issued upbeat research notes about the stock earlier today. Coinstar's management confirmed that demand for the company's movies has recovered during the current quarter, according to research firm B. Riley. The stock's valuation is attractive, added the firm, which maintained a Buy rating on the shares. Also upbeat on Coinstar was Northland Capital Markets. Like B. Riley, Northland believes that demand for Coinstar's movies has surged recently. Specifically, the firm estimates that Redbox DVD rentals are up about 9.6% so far in December compared with November, while rentals are up about 11% during the current quarter compared with the third quarter. Northland maintained a $62 price target and Outperform rating on the stock. In early trading, Coinstar rose 96c, or 1.89%, to $51.75.
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