Citi Initiates Coverage on Iron Mountain (IRM) with a Hold
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Citi initiates coverage on Iron Mountain Inc (NYSE: IRM) with a Hold. Price target $32.
Citi analyst says, "IRM's strong and steady growth is a double-edged sword – it is a capital hungry business, so the historical FCF performance leaves much to be desired. Also, the roll-up on the Physical side has essentially run its course, leaving IRM looking beyond its core competency for future growth/acquisitions. We believe big bets on its unproven Digital strategy could be a point of concern for cashfocused investors."
Iron Mountain Incorporated is engaged in information protection and storage services.
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