Piper Jaffray Remains bullish on Iron Mountain (IRM) Following Analyst Day

Piper Jaffray reiterated an Overweight rating and $43.00 price target on Iron Mountain (NYSE: IRM) following analyst day. A key highlight of the analyst day was effective presentation and analysis of the long-tailed and growing nature of the physical record storage market. Conviction in the durable growth of physical records storage is important for the investability of IRM. Gross records volumes from existing customers are growing 6% in developed markets and 10-15% in emerging markets.

Analyst George Tong commented, "Iron Mountain's analyst day on 10/14 was an upbeat affair. We believe management did an effective job underscoring the durable and growing nature of physical record storage, along with revealing tangible progress in the company's significant Transformation cost savings program. Recall continues to be in play with meaningful expected synergies. We reiterate our Overweight rating based on expectations of defensive growth in a volatile market, upside from a positive REIT re-rating, margin expansion from cost savings and synergy potential from the pending Recall acquisition."

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 $31.39 yesterday.

You May Also Be Interested In

• Lithia Motors (LAD) PT Lowered to $310 at Craig-Hallum
• Align Technology (ALGN) PT Raised to $375 at Piper Sandler
• Hanmi Financial (HAFC) PT Lowered to $18 at DA Davidson