Piper Jaffray analyst Michael Olson today launched coverage of Coinstar with an Overweight rating and $38 price target. The parent of the Redbox video kiosk chain closed yesterday at $31.96.
Olson sees several trends working in the company’s favor.
The battle for control of the DVD rental business continues to heat up.
Redbox, the Coinstar unit which operates more than 15,000 DVD rental kiosks around the country, today announced that it has filed suit against 20th Century Fox over new proposed distribution terms which would prevent Redbox from renting the studio’s DVDs to consumers until at least 30 days after they are released to the public.
Reed Hastings is prowling CES for deals. Already, in the past year, the CEO of DVD rental service Netflix Inc. has cut at least a half-dozen partnerships with consumer electronics makers to make a Netflix service that streams movies and television shows over the Internet watchable on television sets via game consoles, digital video recorders and other gadgets.
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