Jefferies raises Iron Mountain stock price target on data center growth
Jefferies raised its price target on Iron Mountain (IRM) to $137 from $135, citing data center growth as a key driver. The stock is currently at $110.78, down 5% in a week but up 36.7% year-to-date. Jefferies projects data centers will contribute 20% of revenue by 2029, supporting 10% annual AFFO growth. Iron Mountain reported Q3 2026 earnings of $0.64 per share, beating estimates, with revenue up 13% year-over-year.
How this was made
The 30-second read
Why it matters
The analyst's bullish stance may attract new buying interest, especially from investors seeking exposure to the expanding data‑center segment.
Market read
A modest analyst upgrade with a higher price target could spark short‑term buying pressure in IRM.
What to watch
Potential competition from hyperscale providers and macro‑economic headwinds could dampen data‑center growth.
Background
Jefferies' upgrade follows Iron Mountain's recent Q3 2026 earnings beat and a record quarter for revenue and AFFO.
Ticker impact
Jefferies raised its price target on Iron Mountain (IRM) to $137 from $135, citing data center growth as a key catalyst.
likely upward pressure as investors price in the higher target and data‑center growth outlook
The target increase is modest but reflects a fresh, positive outlook on a growing revenue segment, which typically supports a short‑term rally.
Market effects
Data‑center demand could lift other storage and REIT stocks.
U.S. market may see modest gains in industrial REITs.
Limited to investors tracking U.S. data‑center exposure.
Counterpoint
The price target raise is small and may already be priced in; valuation concerns could limit upside.
Key entities
- companyIron Mountain
U.S. REIT providing records and data‑center services (ticker IRM).
- analystJefferies
Investment bank that raised the price target.
