Barclays Reiterates an 'Equalweight' on Iron Mountain (IRM); Adjusting Model for Bond Offering
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Price: $129.43 +2.22%
Rating Summary:
12 Buy, 3 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 3 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays reiterates an 'Equalweight' on Iron Mountain (NYSE: IRM) price target cut $1 to $34.
Barclays analyst says, "What to do with IRM? We remain positive on IRM's strategic plan to refocus on driving margins/ROIC, while significantly accelerating buybacks/dividends. However, a weak economic recovery continues to depress short-term growth, and we find IRM within range of fair value at 22x/14.6x CY'12 EPS/FCF. Our $34 target does not assume a REIT conversion due to uncertainty into the outcome of the review and a likely long timeline to implementation even if pursued."
"We are also trimming our price target by $1 to $34, which equates to 23x and 15.5x our new CY'12 EPS and FCF/share estimates of $1.46 and $2.17. Our prior $35 target equated to the same 23x/15.5x our prior 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 $31.62 yesterday.
Barclays analyst says, "What to do with IRM? We remain positive on IRM's strategic plan to refocus on driving margins/ROIC, while significantly accelerating buybacks/dividends. However, a weak economic recovery continues to depress short-term growth, and we find IRM within range of fair value at 22x/14.6x CY'12 EPS/FCF. Our $34 target does not assume a REIT conversion due to uncertainty into the outcome of the review and a likely long timeline to implementation even if pursued."
"We are also trimming our price target by $1 to $34, which equates to 23x and 15.5x our new CY'12 EPS and FCF/share estimates of $1.46 and $2.17. Our prior $35 target equated to the same 23x/15.5x our prior 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 $31.62 yesterday.
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