Iron Mountain (IRM) PT Raised to $110 at Truist Securities

Truist Securities analyst Tobey Sommer raised the price target on Iron Mountain (NYSE: IRM) to $110.00 (from $95.00) while maintaining a Buy rating.

The analyst comments "We view the recent developments of hyperscale players not walking back capital commitments given the macro uncertainty and IRM winning a government contract as rebutting two major overhangs on the stock. Shares have underperformed the S&P 500 by ~9% YTD we believe reflecting DOGE and hyperscale fears. Winning a government contract we think illustrates how the company can be an asset to the government and not a source of inefficient government spending, ripe for a DOGE cut. Additionally, Meta increasing Capex illustrates continued robust Data Center demand in the race for AI supremacy. We reiterate our Buy and raise our PT to $110 (prior: $95)."

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