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Research
Research Alert: CFRA Keeps Buy Rating On Shares Of Iron Mountain Incorporated
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by $20 to $143 based on a forward P/FFO of 34.0x our 2026 FFO estimate, a premium to its one-year average of 27.2x. We maintain our 2026 and 2027 FFO estimates at $4.20 and $4.61, respectively. IRM reported 17% organic growth in Q1, the highest mark in more than 25 years, highlighting the strength of the data center expansion and services growth. Data center growth continues to beat expectations with management expecting to be meaningfully above its original 100MW guidance for the year; this is evident in the guidance increase of $175M for revenue. We see the recently acquired FedRAMP High authorization designation, which allows for cloud storage of mission-critical and highly-sensitive federal data, will drive higher service revenue growth in the future. Net lease adjusted leverage is now 4.8x, the lowest level since IRM's 2014 REIT conversion, highlighting the capacity for management to fund significant data center capex expansion over the next five years.
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Asia
Singapore Stocks Mirror Regional Gains Buoyed by IT Rally; Salt Investments Zooms 33%
Singapore shares surged on Monday, tracking regional sentiment lifted by a rally in technology stocks.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,924.31 and 4,960.14 throughout the day. It ended the session at 4,924.31, up 11.62 points or 0.2% compared to Thursday's close.On the corporate front, shares of Salt Investments (SGX:FQ7) soared over 33% at the close as it signed a placement agreement with Evolve Capital Advisory to raise up to SG$4.8 million.OxPay Financial Services (SGX:TVV) closed over 15% higher as its subsidiary, Oxygen7, secured a financial services license from the Gelephu Financial Services Office of Bhutan.Meanwhile, shares of Emerging Towns & Cities Singapore (SGX:1C0) fell nearly 17% at the close with the property developer forecasting a loss in the first quarter of the year.
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Equities
Adnoc Boss Says UAE's OPEC, OPEC+ Departure Served National Interests
Abu Dhabi National Oil Co., or Adnoc, Chief Executive Sultan Al Jaber said the United Arab Emirates' decision to leave the Organisation of the Petroleum Exporting Countries served national interests and the country's long-term strategic objectives.Speaking at the Make It In The Emirates conference, Jaber said the move was "not a decision directed against anyone," adding that it would allow the country to accelerate investment, expand and create value, Reuters reported Monday.
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