UPDATE: Jefferies Reiterates On Iron Mountain Following US/EU Survey

In a report published Thursday, Jefferies analyst Dan Dolev reiterated a Hold rating on Iron Mountain (NYSE: IRM), but lowered the price target from $27.00 to $26.00.

In the report, Jefferies noted, “Our US and EU comprehensive, large-firm survey uncovers plans for steepening cuts to storage spend in key end-markets in the coming years. If materialized, these could weigh on IRM's ability to meet its 2016 Strategic Plan. Vendor consolidation and possible REIT conversion may provide some near-term respite, but this could be muted by fresh worries about dividend sustainability. With REIT pending reiterate HOLD. Reduce PT to $26 (vs. $27).”

Iron Mountain closed on Wednesday at $29.80.