Barclays Raises Price Target on Iron Mountain (IRM); Positive on REIT Announcement, But Timing Uncertain

June 6, 2012 1:00 PM EDT
Get Alerts IRM Hot Sheet
Price: $33.82 -0.82%

Rating Summary:
    3 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
Trade IRM Now!
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on Iron Mountain (NYSE: IRM) price target of $36.00 (from $32.00).

Analyst, Gary E. Bisbee, said, "Last night, Iron Mountain announced that its Board has unanimously approved a plan to pursue a future REIT conversion. If successful, the conversion could add as much as $10 per share of value to IRM shares (based on capitalizing the tax savings)...We believe that IRS approval is likely, but due to the ~19 month wait until IRM expects to convert, we are taking a slightly more cautious approach to our price target."

Barclays lowers FY12 EPS estimates from $1.33 to $1.32 and FY13 from $1.49 to $1.42.

For an analyst ratings summary and ratings history on Iron Mountain click here. For more ratings news on Iron Mountain click here.

Shares of Iron Mountain closed at $28.40 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities


Add Your Comment