Buy - Price 27.33 on Sept. 29
by Benchmark

Recently, IRM opened four records centers exclusively for storing and imaging government documents.… Each National Archives and Records Administration facility… stores more than one million cubic feet of federal hard-copy information and provides quick access to the information via onsite imaging capabilities.…We believe new federal facilities are likely to increase IRM's reach in the federal-government-related sector.. New NARA regulations [as of] Oct. 1 require government agencies and contractors to upgrade.…We are maintaining our Buy rating, 35 target and earnings estimates of $1.04 for '09 and $1.16 for '10. Market cap: $5.6 billion.

9.1

Steady growth, recurring revenue model, strong management

Iron Mountain (IRM) was upgraded to Buy, Merrill Lynch said. $34 price target. Stock is down 26% from its disappointing fourth quarter results, and the company's dominant market share and pricing power should help step recent margin weakness.

Shares Held 140,000

Shares Held 140,000

Morgan Stanley said that its new analyst changed ratings on 8 Business Services stocks. ACM, IRM and URS were upgraded to Overweight. On the other hand, OWW and PLCN were cut to Equal-weight. EXPE, EXBD and ABCO were also downgraded to Underweight. Infrastructure plays and stock with strong cash flow offer the best upside potential.

13.4

Iron Mountain (IRM) was downgraded from Buy to Neutral, Merrill Lynch said. Stock is up 40% over the past 4 months, and moved through the $35 price target.

BUY