Citigroup Says "Buy IRM"

Citigroup has issued a research report on Iron Mountain Inc.

to reiterate its Buy rating as the company draws in top-line results akin to Citigroup's expectations. In the report, Citigroup writes "About 3 weeks ago, we noted strong investor interest in IRM – this interest level has stayed high even after relatively disappointing initial 2011 expectations from the recent investor day. Three points: (1) IRM's FY11 guide is appropriately conservative in our view, with realistic top-line expectations – this is a late cycle stock to a large extent – offset with many other factors that help EPS. (2) The stock's depressed valuation relative to historical levels, combined with its stepping-up of shareholder-friendly actions, is drawing new-money interest in the name. (3) The foreclosure mess is good news for IRM's storage business as the pace of document retrievals and processing picks up." Citigroup maintains its Buy rating and $29 price target. Iron Mountain closed Friday at $21.53.