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Fly News Breaks for June 2, 2015
IRM
Jun 2, 2015 | 07:18 EDT
Jefferies analyst Dan Dolev downgraded Iron Mountain to Underperform, the firm's sell-rating equivalent, from Hold and dropped his price target for shares to $29 from $33. Dolev sees "multiple problems" for the company, including intensifying secular pressures and a "chronic cash shortfall." The analyst believes Iron Mountain will need to issue equity or raise debt in order to avoid a dividend cut. Shares of the company, which focuses on storing paper documents, closed yesterday up 36c to $36.83.
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