Iron Mountain Incorporated (NYSE: IRM)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Monday. They currently have a $32.00 price target on the stock.
Zacks’ analyst wrote, “Iron Mountain reported a modest first quarter with earnings coming in line with the Zacks Consensus Estimate, but the top line fell short. Revenue failed to beat the Zacks Consensus Estimate in spite of a year-on-year increase of 0.7%. The company recorded strong performance in the International business segment and persistent growth in the North America business, which positively impacted Storage revenue for the quarter. However, a slump in activity-based core service revenues and lower prices of recycled paper offset the robust hybrid revenue and rise in revenues from projects in the Service revenue. In the long run, we expect tepid internal growth coupled with volatile foreign exchange rates and a decline in paper price that is set to partially negate the company’s promising product portfolio, strong market share and a promising International business segment. Thus, we have a Neutral recommendation on the stock with a target price of $32.00. “
Separately, analysts at Macquarie upgraded shares of Iron Mountain Incorporated from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, February 23rd.
Iron Mountain Incorporated traded down 0.96% on Monday, hitting $30.395. Iron Mountain Incorporated has a 1-year low of $27.68 and a 1-year high of $35.79. The company has a market cap of $5.200 billion and a price-to-earnings ratio of 15.20.
The company last announced its quarterly results on Thursday, April 26th. It reported $0.35 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.29 EPS by $0.06. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts predict that Iron Mountain Incorporated will post $0.37 earnings per share next quarter.
Iron Mountain Incorporated is an information management services company. The Company offers records management services, data protection and recovery services, and information destruction services to address information management challenges, such as rising storage costs, litigation, regulatory compliance and disaster recovery.