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IRM

Bear of the Day: Iron Mountain - Bear of the Day

Iron Mountain ( IRM ) reported a dismal third quarter negatively impacted by lower-than-expected organic growth in the core services coupled with contraction in activity-based service revenue and decline in recycled paper prices. The company provided a tepid outlook.

Although the company's decision to convert into an REIT would definitely increase shareholders value and reduce the tax burden, we continue to believe that the results will be negatively affected by sluggish internal growth, volatile foreign exchange rates and a decline in recycled paper prices.

We believe that the company does not have enough to drive significant growth over the long term. Thus, we downgrade the stock from Neutral to Underperform and set a price target of $28.00.

IRON MOUNTAIN (IRM): Free Stock Analysis Report

IRON MOUNTAIN (IRM): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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