UPDATE: Citi Upgrades Iron Mountain; Raises PT

According to a research report published this morning, Citi has upgraded Iron Mountain IRM from Neutral to Buy, and raised PT from $34 to $38. In the report, Citi said, "We are upgrading the shares of IRM and raising our TP to $38 from $34 ahead of the company's decision "To REIT or Not to REIT" which is scheduled to occur "no later than June 9". Based on our analysis of REIT valuations, our conservative AFFO estimate for IRM, and the high probability of a "REIT Alternative" scenario, we believe the risk/reward is attractive and recommend investors Buy the shares of IRM." Iron Mountain closed yesterday at $30.92.