#5 - Iron Mountain (NYSE:IRM)
Iron Mountain Inc. (NYSE: IRM) is another REIT to consider for exposure to the data center sector. The company has a 66-year history that began with the company storing paper documents. It has since made the digital pivot and today stores physical and/or digital assets for over 240,000 businesses.
The company’s reputation for security is a favorite of financial, health care, and government entities. However, it has a broad customer base that includes approximately 90% of the Fortune 1000. This also ensures a predictable and growing revenue stream. In fact, in the last four quarters, revenue is up 24% year-over-year and earnings per share are up 13% in that period.
IRM stock is up 63% in 2024 and with expected earnings growth of 6.8% over the next 12 months, there may be some concern about the company’s valuation. However, trading at just 27x forward earnings, Iron Mountain should be a stock investors have on their radar for any dip.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.
- Current Price
- $114.13
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 5 Buy Ratings, 0 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $99.83 (12.5% Downside)
