Barclays Raises Price Target on Iron Mountain (IRM); Positive on REIT Announcement, But Timing Uncertain
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Price: $38.96 +1.46%
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade IRM Now!
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, with a 52 week range of $27.10-$35.79.
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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, with a 52 week range of $27.10-$35.79.
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