Why Iron Mountain (IRM) Stock Is Spiking Today

NEW YORK (TheStreet) --Shares of Iron Mountain Inc. (IRM) are jumping 19.8% to $36.66 on Thursday after the information storage and management company announced it is moving forward with plans to convert into a real estate investment trust (REIT), a move with the potential to reduce taxes and increase stockholder returns, the Associated Press reports.

Iron Mountain's board unanimously approved the company's conversion after receiving "favorable private letter rulings from the IRS," Iron Mountain said.

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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 a number of strengths, 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, increase in stock price during the past year, 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:

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