Shares of Iron Mountain Inc. IRM, -6.86% tumbled 5.8% in morning trading Thursday, enough to pace the S&P 500’s SPX, +0.28% decliners, after Bank of America Merrill Lynch turned bearish on the provider of storage and information management service, citing concerns related to the drop in recycled paper pricing. Analyst Michael Funk cut his rating to underperform from neutral, and slashed his price target to $25–17% below current levels–from $33. Funk said that while selling recycled paper is a relatively small revenue contributor, recent data showing sharp declines in pricing in the latest quarter have created an “insurmountable headwind” to 2019 guidance. He said the lowered price target reflects an expectation of negative estimate revisions. In the company’s 2018 annual report, the company had said that significant declines in the cost of paper may negatively impact revenue and results of operations. The company is slated to report second-quarter results on Aug. 1. In April, the company said it expected 2019 adjusted EBITDA growth of flat to up 8%. The stock has slumped 17% over the past three months while the S&P 500 has gained 3.9%.