RBC Capital Markets analyst Jonathan Atkin upgraded the rating on Iron Mountain Inc IRM to Outperform from Sector Perform at an increased price target of $68 from $58.
The analyst is bullish on the stock reflecting Q2 results flow-through, roll-forward impacts in the updated model, and less conservative valuation metrics.
Earlier this month, IRM reported Q2 revenue growth of 5% year-on-year to $1.36 billion, beating the consensus estimate of $1.35 billion, and adjusted EPS of $0.40 was in line with the consensus.
The board declared a quarterly cash dividend of $0.65 per share, representing an increase of 5%.
The analyst raised the estimates for FY23 revenue and AFFO per share to $5.58 billion (from $5.56 billion), and $4.00 (from $3.96), respectively.
For FY24, IRM increased estimates for revenue and AFFO per share to $6.17 billion (from $6.10 billion) and $4.31 (from $4.30), respectively.
Price Action: IRM shares are trading higher by 2.13% at $59.81 on the last check Tuesday.
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