UPDATE: JP Morgan Maintains Coinstar at Neutral on Redbox Instant Thoughts
JP Morgan maintained its Neutral rating on Coinstar (NASDAQ: CSTR) with a reiterated $52 price target.
JP Morgan noted, "We recently spoke with Galen Smith, VP of Finance at Redbox, who provided color regarding the Redbox Instant initiative. We are incrementally constructive regarding the JV's prospects, though we do not expect it to be a material contributor to 2013 EPS. No changes to estimates. Maintain Neutral."
Coinstar closed at $50.79 on Wednesday.
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