UPDATE: Barclays Upgrades Iron Mountain (IRM) to Overweight; Expecting Success From REIT Transformation

June 25, 2012 7:25 AM EDT
Get Alerts IRM Hot Sheet
Price: $34.51 +1.74%

Rating Summary:
    3 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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(Updated - June 25, 2012 1:26 PM EDT)

Barclays upgraded Iron Mountain (NYSE: IRM) from Equalweight to Overweight with a price target of $39.00 (from $36.00).

Analyst, Gary E. Bisbee, said, "We are upgrading Iron Mountain to OW as we believe that its transformation into a REIT is likely to prove successful and yield sharp upside in the stock over the next two years. Our probability-weighted price target is $39 (19% upside potential), though we believe that the stock can move into the mid-$40s or higher within two years."

Bisbee maintains FY12/13 EPS estimate at $1.30/1.36 compared to the Street consensus of $1.30 to $1.50.

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 $32.78 yesterday.

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