UPDATE: Benchmark Raises PT to $85 on Coinstar
Benchmark increases its price target from $75 to $85 on Buy-rated Coinstar (NASDAQ: CSTR) as the company pre-announces ahead of consensus for Q1.
Benchmark says, "We increase our FY12 EPS estimate to $4.60, from $4.09, and our FY13 EPS estimate to $5.20, from $4.71, on the outperformance and ongoing benefits from the price increase, and lower workaround costs. We continue to see upside potential from the price increase and lower credit card fees than planned. We increased our price target to $85, from $75, based on based on 18x our 2012 EPS estimate, and 6.5x our 2012 EBITDA estimate. With the upside to our price target, we maintain our Buy rating."
CSTR closed at $61.31Guggenheim on Thursday.
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