Investors looking for stability in this volatile market should consider buying record-keeping company Iron Mountain, Barclays said Friday. The company initiated Iron Mountain with an overweight rating and a price target of $58 per share, implying a nearly 21% gain from Thursday’s close. Analysts at Barclays highlighted Iron Mountain’s information management, records and valuation business, which accounted for 88% of revenue last year, as well as new initiatives and ESG efforts. They emphasize that most customer contracts have a one-year term, which gives the company the opportunity to raise prices at or above inflation. “IRM combines short-term (inflation-revalueable) leases with long-term recurring revenue,” analyst Brendan Lynch said in the note. “Diversifying business segments has reduced risk and created new avenues for growth, while efficiency initiatives have eliminated excess costs. Transactions at a 23% discount vs. With the S&P 500, we find the stock attractive.” He added that while valuations are pressured by rising interest rates and shifting sentiment, Iron Mountain “has proven resilient over the past few years and new initiatives will accelerate growth.” growth than in the past, ensuring a modest revalue of the stock.” Iron Mountain’s primary business is paper document storage, but the company has expanded its services in recent years to diversify revenue streams and complement that core business. “We acknowledge that paper storage demand is declining (we estimate 0-1% annually), but note that many verticals continue to grow; medical, legal, financial and government remains strong, with IRM holding the box for ~15 years on average,” said Lynch.