Investors looking for stability in this choppy market should look into buying records storage company Iron Mountain , Barclays said Friday. The firm initiated Iron Mountain with an overweight rating and a price target of $58 per share, implying upside of nearly 21% from Thursday’s close. Analysts at Barclays highlighted Iron Mountain’s valuation, record and information management business, which accounted for 88% of revenue last year, as well as new initiatives and ESG efforts. They highlighted that most customer contracts have one-year durations, which gives the company the opportunity to increase prices with or higher than inflation. “IRM combines short duration leases (which can reprice with inflation), with long term recurring revenue,” analyst Brendan Lynch said in the note. “Diversification of business segments has reduced risk and created new avenues for growth, while efficiency initiatives have removed excess costs. Trading at a 23% discount to the S & P 500, we find shares attractive.” He added that although valuations are pressured by rising interest rates and shifting sentiment, Iron Mountain “has proven resilient during the past few years, and new initiatives should accelerate growth relative to the past, warranting a modest re-rating of the stock.” Iron Mountain’s core business is in paper document storage, but the company has expanded its offerings in recent years to diversify revenue streams and complement that core business. “We acknowledge that paper storage demand is decreasing (we estimate 0-1% annually), but note many industry verticals continue to grow; medical, legal, financial and government demand remains strong, with IRM holding boxes for an average of ~15 years,” Lynch said.