Barclays Maintains an 'Equalweight' on Iron Mountain (IRM); Updating Model After 10-Q Filing
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Price: $129.43 --0%
Rating Summary:
12 Buy, 3 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 17
Rating Summary:
12 Buy, 3 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 17
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Barclays maintains an 'Equalweight' on Iron Mountain (NYSE: IRM) price target of $35.00
Barclays analyst says, "While we await a complete historical restatement (to date only 1H'10 and 1H'11, but not 2H'10 or 2010 annual results have been restated), we have refined our forward model and estimates to incorporate the partial restatement of historical results. The major changes to our model include modest accretion from removing the lower margin Digital segment, including reduced D&A, which was partly offset by slightly higher interest expense from IRM's recently extended and updated credit facility."
"Incorporating all the changes, we now estimate 2011 and 2012 EPS of $1.30 and $1.53 and free cash flow per share of $1.98 and $2.25, or CY'12 y/y EPS and FCF/share growth of 17% and 14%, respectively. We are maintaining our $35 price target, which equates to 23x and 15.5x our CY'12 EPS and FCF/share estimates of $1.53/$2.25."
For more ratings news on Iron Mountain click here and for the rating history of Iron Mountain click here.
Shares of Iron Mountain closed at $32.05 yesterday.
Barclays analyst says, "While we await a complete historical restatement (to date only 1H'10 and 1H'11, but not 2H'10 or 2010 annual results have been restated), we have refined our forward model and estimates to incorporate the partial restatement of historical results. The major changes to our model include modest accretion from removing the lower margin Digital segment, including reduced D&A, which was partly offset by slightly higher interest expense from IRM's recently extended and updated credit facility."
"Incorporating all the changes, we now estimate 2011 and 2012 EPS of $1.30 and $1.53 and free cash flow per share of $1.98 and $2.25, or CY'12 y/y EPS and FCF/share growth of 17% and 14%, respectively. We are maintaining our $35 price target, which equates to 23x and 15.5x our CY'12 EPS and FCF/share estimates of $1.53/$2.25."
For more ratings news on Iron Mountain click here and for the rating history of Iron Mountain click here.
Shares of Iron Mountain closed at $32.05 yesterday.
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