Benchmark Upgrades Iron Mountain (IRM) to Buy
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Benchmark upgrades Iron Mountain (NYSE: IRM) from Hold to Buy. Price target $35
Benchmark analyst says, "Our upgrade is based on IRM's positive 1Q results and our belief that management is now exhibiting incremental cost discipline and subtlety shifting its cash management strategy in favor of debt repayment, rather than acquisitions that could take some time to pan out. Our $35 target price is based on a 2009 cash flow multiple of 11.7x, within the Company's historical range of 10x-14x...We expect improved revenue growth in 2010 on neutral currency effects. As such, we project revenues of $3.2 billion (up 6.7% y/y), cash flow of $919 million and EPS of $1.12, which assumes a lower tax rate."
Iron Mountain Incorporated (IMI) provides information protection and storage services. These services can be divided into three service categories: records management services, data protection and recovery services, and information destruction services.
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