Oppenheimer reiterated its Perform rating on Iron Mountain Incorporated IRM.
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.
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Posted In: Analyst ColorAnalyst RatingsDiversified Commercial & Professional ServicesIndustrialsiron mountainOppenheimer
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