Oppenheimer Reiterates Perform on Iron Mountain Incorporated

Oppenheimer reiterated its Perform rating on Iron Mountain Incorporated

. In a research report published today, Oppenheimer states, "We've updated our model to reflect our estimates relating to IRM's 3-year plan and the recent sale of its digital assets. We're estimating organic and total revenue growth to average ~2%/year from 2011-2013, with acquisitions/divestitures/forex netting ~neutral. We anticipate flat y/y 2011E OIBDA, which includes some one-off expenses we may exclude upon reporting, growing in the mid-single digits over 2012-2013 to a 2013 OIBDA margin of 32% (from 30.2% in 2010). Slight ~3% y/y 2011E EPS growth, which includes some 1x items we may exclude as reported and moderate share repurchase activity, expands to 20%/26% y/y growth in 2012E/2013E, on aggressive buybacks more than offsetting increased interest expense. Maintain Perform pending sustained reinvigoration of IRM's revenue." At the moment, Oppenheimer does not have a price target set on Iron Mountain. On Monday, Iron Mountain lost 0.33% to close the day at $32.89.