Stifel Reiterates Buy on Iron Mountain (IRM) After Meeting with Management
- Wall St. set to rise ahead of Trump inauguration
- General Electric (GE) Reports In-Line Q4 EPS
- Procter & Gamble (PG) Tops Q2 EPS by 2c
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Dollar recoups losses, caution sets in ahead of Trump inauguration
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Stifel reiterated a Buy rating and $44.00 price target on Iron Mountain (NYSE: IRM) after meeting with management. Management noted the vendor consolidation trend, in certain cases, is moving from two providers to one provider. Stifel views this as a positive in the context of IRM purchasing its next-largest competitor.
Analyst Shlomo Rosenbaum commented, "We walked away from IRM management meetings last week with incremental comfort around the sustainability of the storage business on a number of fronts. First, there are practical hurdles for document scanning to replace regular document storage with regard to documents that are used for proof/evidence. Second, the continued move towards vendor consolidation among large clients improves IRM’s market position, particularly after the purchase of Recall. Planned Recall synergies and transformation program cost take-outs are either on schedule or ahead of schedule, and we expect the impact in 2016 to be more 4Q weighted. We continue to believe that investors do not appreciate the EBITDA/OIBDA margin expansion coming in 2017, which should give comfort that cost synergies are achievable and that the dividend can continue to grow. We reiterate our Buy rating and $44 target price on the shares."
Shares of Iron Mountain closed at $36.77 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Polaris Industries (PII) PT Raised to $75 at Wedbush; Reiterates Neutral
- J.B. Hunt Transport Services (JBHT) PT Lowered to $99 at UBS Following 4Q EPS Miss
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!