RBC turns bullish on Iron Mountain, shares rise

Iron Mountain

22/08/2023 15:40

** Data center operator Iron Mountain's shares  IRM.N  rise
2% to $59.7
    ** RBC upgrades co to "outperform" from "sector perform" 
    ** Brokerage increases PT to $68 from $58; an upside of
16.2% to last close of $58.5
    ** RBC says upgrade based on strong demand, attractive adj.
fund from operations (AFFO)/shr, dividend payout and  growth
prospects of IRM
    ** IRM reported higher-than-expected Q2 rev and declared a
dividend of 65 cents/shr for Q3 
    ** Six of nine analysts covering the stock rate "buy", while
one each rates "strong buy", "hold" and "sell": median price
target at $68 - Refinitiv
    ** IRM shares up 20% YTD 
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))