UPDATE: Goldman Sachs Lowers PT on Intrepid Potash to $29

A report from Goldman Sachs reiterates its Sell rating and lowers its price target from $36 to $29 on Intrepid Potash (NYSE: IPI).

The report states, “IPI announced preliminary shipments, production, and pricing numbers for 3Q11. We are lowering our estimates by $0.05 to reflect the sales update. The revenue number implied by the mid-point of these ranges is lower than we had expected”.

IPI closed yesterday at $27.71.