Iron Mountain Inc. (NYSE:IRM) is one of the Best Digital Infrastructure REITs to Buy According to Analysts. On May 1, Truist analyst Tobey Sommer raised the price target on Iron Mountain to $140 from $130 while maintaining a Buy rating on the shares following better-than-expected first-quarter financial results, according to a report by TheFly.
In a research note, Sommer cited datacenter lease trends as a factor that tends to drive the stock, given the segment’s larger total addressable market, higher margins, and better multiples. Similarly, JPMorgan also raised its price target on Iron Mountain to $138 from $121 while maintaining an Overweight rating on the shares.
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On April 30, Iron Mountain reported a 21.6% increase in total revenues to $1.9 billion for the first quarter of the year. Net Income for the period was $149.0 million, compared with $16.2 million in the same period a year ago, primarily driven by increased operating income.
Iron Mountain President and CEO William L. Meaney said the company’s first-quarter performance exceeded their expectations and showed strength across all key metrics. He added:
“Our business is experiencing significant momentum, driven by outstanding performance in our growth businesses of data center, ALM (asset lifecycle management), and digital and continued solid growth in our highly recurring physical records storage business. Our team’s strong execution of our growth plans and commitment to delivering value to our customers through innovative solutions remain the foundation of our ongoing success.
Looking ahead, we are accelerating our cross-selling efforts in ALM and Digital and we are off to a strong start to the year in data center leasing, where we have already leased 32 megawatts through April. Additionally, our pipeline momentum continues to build against the 400 megawatts of data center capacity energizing and available over the next 24 months, supporting our outlook for continued strong growth.”
Given its positive trajectory, Meaney said the company is raising its full-year financial guidance. For 2026, Iron Mountain is now projecting total revenue in the range of $7.825 billion to $7.925 billion, representing approximately 14% growth. This is higher than the previous guidance for the year of $7.625 billion to $7.775 billion.
Based on 12 analyst ratings compiled by CNN, Iron Mountain has an average price target of $138, representing an 8.50% upside from the current price of $127.19.
Iron Mountain Inc. (NYSE:IRM) is a global leader in information management services with more than 240,000 customers in 61 countries. It offers a broad range of solutions to address their needs in information management, digital transformation, information security, data centers, and asset lifecycle management.
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