July 12, 2019. We recently bought IRM in the Core Portfolio. But it had been struggling and then we got hit hard yesterday when Bank of America downgraded it. BUT, three days back, Wells Fargo initiated coverage at OUTPERFORM!!!
So who the hell do you believe. We have followed IRM forever and are NOT concerned about the Company. HOLD. IRM is on sale and if you have the guts to buy now, you will be happy in six months….it is up two cents this morning.
Wells Fargo’s Eric Luebchow initiated coverage of Iron Mountain with an Outperform rating and $38 price target.
Iron Mountain’s core market of data storage is “much more stable” than it appears given the company’s consistent retention rate of around 98% and destruction rates at around 5%, Luebchow wrote in a note. The company is also able to counter flat to slightly negative total volume growth through increasing its price by around 3% a year.
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