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

June 6, 2012 1:00 PM EDT Send to a Friend
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Price: $35.71 -0.08%

Rating Summary:
    2 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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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.

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