Piper Jaffray said the IRS and Department of Treasury are proposing changes to the regulations that design "real property" for REIT conversions and eligibility following a proposed rulemaking notice published by the U.S. Federal Register. The firm Iron Mountain's racking structures may be able to be classified as qualifying "structural components" under the proposed changes.
In the note Piper Jaffray reiterated its "overweight" rating on Iron Mountain with a $37 price target.
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Separately, TheStreet Ratings team rates IRON MOUNTAIN INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate IRON MOUNTAIN INC (IRM) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: