Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Markets & Finance

Baird Downgrades Iron Mountain

Baird downgraded Iron Mountain (IRM) to neutral from outperform.

Analyst Timothy Byrne says initial 2005 guidance was very disappointing with revenue in line, but operating income, EBITDA, and earnings per share below consensus. He still believes the business model is fundamentally attractive. However, he downgrades due to peak valuation, disappointing outlook on organic growth, operating margin, and free cash flow.

Byrne notes management is continuing to invest in future growth but cash generation is less clear. He puts estimates and target under review, and expects to lower toward the midpoint of 2005 guidance. At $32.50, the stock trading at 13 times its third-quarter 2004 EBITDA run rate, and at the high end of its historical range.

blog comments powered by Disqus