Wells Fargo keeps an Overweight rating and $125 price target on Iron Mountain (IRM). The firm is defending the stock following the Gotham City’s public short report, noting that the material “lacks any real new insights we haven’t already heard in the past”, the analyst tells investors in a research note. Investors are well aware the volumes in the company’s more mature North America physical storage business are slightly negative, and the report will be just a “momentary distraction” that will be forgotten about as Iron Mountain continues to compound over 10% growth, the firm added.
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