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Coinstar Surges After 2010 Forecast Exceeds Estimates

April 30, 2010, 2:09 pm

By James Callan

April 30 (Bloomberg) -- Coinstar Inc., operator of the Redbox $1-a-day movie-rental dispensers, surged the most in more than a decade in Nasdaq trading after raising its 2010 outlook and reporting quarterly profit that beat analysts’ estimates.

Coinstar gained $6.15, or 16 percent, to $44.36 at 4 p.m. New York time. The shares have risen 60 percent this year.

Two analysts raised their forecasts for the shares, including Michael Pachter, an analyst at Wedbush Morgan Securities, who boosted his projection to $59 from $47.

Coinstar projects 2010 profit of $1.82 to $1.94 a share on sales of as much as $1.63 billion, up from the $1.50 to $1.65 a share forecast in February, according to a statement yesterday. Analysts were estimating $1.60 a share, excluding some items, on revenue of $1.51 billion, the average of 10 estimates.

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