Why This Analyst Is Betting Big On Iron Mountain?
Portfolio Pulse from Lekha Gupta
RBC Capital Market analyst Jonathan Atkin has upgraded the rating on Iron Mountain Inc (NYSE:IRM) to Outperform from Sector Perform, with an increased price target of $68 from $58. The upgrade reflects Q2 results, roll-forward impacts in the updated model, and less conservative valuation metrics. Iron Mountain reported Q2 revenue growth of 5% YoY to $1.36 billion, beating consensus estimates. The board declared a quarterly cash dividend of $0.65 per share, a 5% increase. The analyst raised the estimates for FY23 and FY24 revenue and AFFO per share.
August 22, 2023 | 6:35 pm
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Iron Mountain's stock rating has been upgraded by RBC Capital Market analyst, with an increased price target. The company's Q2 results and less conservative valuation metrics were cited as reasons for the upgrade. This could lead to increased investor interest and potentially a rise in the stock price.
The upgrade in Iron Mountain's stock rating by a reputable analyst, along with an increased price target, indicates a positive outlook for the company. This is based on the company's Q2 results and less conservative valuation metrics. Such upgrades often lead to increased investor interest, which could drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100