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Fly News Breaks for January 27, 2020
IRM
Jan 27, 2020 | 07:45 EDT
Early signs of sorted office paper price stabilization serves as a tailwind for Iron Mountain's services organic revenue growth outlook over the intermediate term, Goldman Sachs analyst George Tong tells investors in a research note. While sorted office paper prices have contracted double-digits year-over-year in recent quarters due to supply-demand imbalances, evidence of a bottoming is emerging with pulp inventories beginning to decline, says Tong, who expects a reacceleration in paper price growth in 2021. The analyst reiterates a Buy rating on shares of Iron Mountain with a $40 price target.
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