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IRM

Iron Mountain

$29.50

-2.57 (-8.01%)

15:18
07/11/19
07/11
15:18
07/11/19
15:18

Iron Mountain paper price worries 'overblown,' says Wells Fargo

Following a competing firm's downgrade of Iron Mountain this morning, Wells Fargo analyst Eric Luebchow offered his counter points, noting that the re sale of shredded paper accounts for only about 3% of total revenue and about 8%-10% of total EBITDA. Additionally, Iron Mountain expected a softening of paper pricing in its FY19 guidance and likely has contractual protections to limit the downside risk to paper prices, said Luebchow, who said he considers concerns that the company cannot hit its guidance due to softening paper prices "overblown." He keeps an Overweight rating on Iron Mountain shares, which are down nearly 8% to $29.60 in afternoon trading after BofA Merrill Lynch analyst Michael Funk downgraded the stock to Underperform from Neutral this morning.

  • 01

    Aug

IRM Iron Mountain
$29.50

-2.57 (-8.01%)

04/26/19
BARD
04/26/19
DOWNGRADE
BARD
Underperform
Iron Mountain downgraded to Underperform from Neutral at Baird
07/10/19
WELS
07/10/19
INITIATION
Target $38
WELS
Outperform
Iron Mountain initiated with an Outperform at Wells Fargo
Wells Fargo analyst Eric Luebchow started Iron Mountain with an Outperform rating and $38 price target. The company is a global leader in the document storage business, with a ~60% market share in North America, Luebchow tells investors in a research note. The analyst believes that despite ongoing digitization trends, document storage remains a "very tenable" business, with consistent box retention rates of 98% and gross margins of 75%-80%.
07/11/19
BOFA
07/11/19
DOWNGRADE
BOFA
Underperform
Iron Mountain downgraded to Underperform from Neutral at BofA/Merrill
07/11/19
BOFA
07/11/19
DOWNGRADE
Target $25
BOFA
Underperform
BofA downgrades Iron Mountain to Underperform on recycled paper headwind
As previously reported, BofA Merrill Lynch analyst Michael Funk downgraded Iron Mountain to Underperform from Neutral, stating that he sees an "insurmountable headwind" to 2019 guidance given that recycled paper pricing declined 23% sequentially in Q2 and fell another 21% sequentially in the first month of Q3. While selling recycled paper is a relatively small revenue contributor for Iron Mountain, it is an "integral component" of guidance as 90%+ of every dollar flows to EBITDA, according to Funk, who has a $25 price target on the shares.

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