Iron Mountain Incorporated (IRM), headquartered in Boston, Massachusetts, is a global leader in storage and information management services. Specializing in secure data storage, records management, and information destruction, Iron Mountain serves organizations across various industries with a market cap of $36.9 billion. The company is set to release its Q3 earnings before the market opens on Wednesday, Nov. 6.
Ahead of the event, analysts expect IRM to report funds from operations of $1.02 per share, up 3% from $0.99 in the year-ago quarter. The company has consistently beaten Wall Street's earnings estimates in the last four quarters.
Its adjusted FFO of $1.08 per share for the last quarter surpassed the consensus estimate by 6.9%. Iron Mountain’s record Q2 revenue and EBITDA were fueled by the successful execution of its Project Matterhorn strategy.
For fiscal 2024, analysts expect IRM to report an FFO of $4.17, up 1.2% from $4.12 in fiscal 2023.
IRM stock is up 79.7% on a YTD basis, significantly outperforming the broader S&P 500 Index's ($SPX) 23% gains and the iShares Cohen & Steers REIT ETF’s (ICF) 12.3% gain over the same time frame.
On Sep. 23, IRM stock gained over 2% after Stifel raised its price target from $117 to $140. On Aug. 1, shares of the REIT jumped over 6% after posting Q2 revenue of $1.53 billion, exceeding the consensus of $1.51 billion and projecting full-year revenue at the high end of $6 billion to $6.15 billion range, above the $6.11 billion consensus.
The consensus opinion on IRM stock is moderately bullish, with an overall “Moderate Buy” rating. Of seven analysts covering the stock, five advise a “Strong Buy” rating, one indicates a “Moderate Buy,” and one suggests a “Strong Sell.”
IRM's average analyst price target is $111.50, which suggests that the stock currently trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
