Stifel Nicolaus Downgrades Iron Mountain; Sees Lower Chance of REIT Conversion (IRM)
Stifel Nicolaus reported on Friday that it has downgraded Iron Mountain Incorporated (IRM) to a “Hold.”
The firm lowered it rating on IRM from a “Buy” to a “Hold.” Analysts have downgraded the company following news that the IRS is now examining the company’s structure to determine whether it can legally convert to a real estate investment trust (REIT). Shares tumbled nearly -18% on the news.
Stifel Nicolaus now sees a lower possibility of the company successfully converting to a REIT.
Iron Mountain shares were down -$6.12, or -17.79% during Friday morning trading. The stock is down -8% YTD.
The Bottom Line
Shares of Iron Mountain Incorporated (IRM) have a 3.82% yield, based on Friday morning’s price of $28.28.
Iron Mountain Incorporated (IRM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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