Iron Mountain has increased odds of REIT conversion success, says Macquarie Macquarie believes that Iron Mountain's decision to limit the percentage of common stock owned by certain holders - along with its decision to manage the company in a manner consistent with that of a REIT starting on January 1- increase the chances that its REIT conversion will be successful. The firm sees a 75% chance that the REIT conversion will be successful and keeps an Outperform rating on the stock.
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Iron Mountain downgraded at RW Baird As previously reported, Baird downgraded Iron Mountain to Neutral from Outperform. The firm expects the REIT conversion will require significant capital commitments due to the high dividend, which will leave little capital for larger growth investments. Additionally, the analyst believe equity dilution risk is not fully appreciated. Price target lowered to $39 from $40.