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    Ahead of the Bell: Redbox owner Coinstar

    Associated Press – Tue, Feb 7, 2012

    NEW YORK (AP) — Shares of Coinstar Inc. are soaring in premarket trading Tuesday on bright hopes for the company's Redbox DVD and video game rental kiosks.

    The Bellevue, Wash.-based company on Monday posted fourth-quarter results and a revenue outlook for the current quarter that were well ahead of Wall Street expectations. Driving the company's momentum is Redbox — revenue at the kiosks surged nearly 40 percent during the fourth quarter.

    The company's chief financial officer said he thought Redbox is picking up customers from rival Netflix Inc., which lost 2.8 million DVD subscribers in the fourth quarter. The company plans to buy another 10,000 kiosks this year.

    And Coinstar is expanding its breadth in home entertainment. Earlier in Monday, it announced a deal with Verizon Communications Inc. to start a video streaming subscription service that will be a direct challenge to Netflix. The service is scheduled to debut in the second half of the year.

    But some analysts were hesitant that the streaming deal would draw new customers to Redbox.

    William Blair analyst Ralph Schackart said he was skeptical that the company "will be able to offer a differentiated digital content service."

    A Morgan Keegan analyst maintained his "Market Perform" rating, citing uncertainty about negotiations with movie studios for content and the company's rising spending. But he raised his target price to $60 from $42 per share, suggesting that the stock could gain 17 percent.

    Coinstar shares added $9.48, or 19 percent, to $60.04 before the market opened Monday.

     

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