### Comment:
Yes, largely, plus they’re aggressively targeting server farms for secure cloud storage as the landscape changes. I mean, I don’t think they get to $38 but $32-$33 by end of August seems entirely possible.

### REPLY:
Ok I found the report  
  
 The downgrade is because paper prices are DECREASING, not increasing. IRM makes a small amount of its revenue taking its shredded paper and turning it into recycled paper, which they then try to sell, which is significantly less profitable when paper prices drop. I haven't looked up any documents to check but if this is a high growth or high margin segment of the company then a downgrade is not unreasonable

### END.