UPDATE: J.P. Morgan Downgrades Coinstar

According to a research report published today, J.P. Morgan has downgraded Coinstar's CSTR shares from Overweight to Neutral on Valuation. In the report, J.P. Morgan further explained, “The stock traded through our $62.00 price target yesterday, has appreciated by 35% year-to-date, and is now trading close to fair value, in our view. We are not adjusting estimates, which remain below consensus through 2013, reflecting our view that Redbox segment growth will decline in late 2012-2013, excluding the impact of the planned NCR kiosk acquisition. The pending JV with Verizon and the acquisition of NCR's kiosks introduces execution risk, in our view.” J.P. Morgan maintains its $62 PT on Coinstar, which closed yesterday at $62.10.