UPDATE: Scotia Capital Markets Raises Target to $30 on Intrepid Potash
Scotia Capital Markets reiterates its Outperform rating on Intrepid Potash (NYSE: IPI) and raises its price target to $30 from $28 as EPS beat estimates for Q4.
Scotia Capital Markets says, "IPI's strong Q4 results, coupled with POT's weak Q4, strengthens our argument to "Buy America", or to focus on companies like IPI that have 75%+ EBITDA exposure to the North American market. Other companies for the seasonal trade include AGU and CF. Projects remain on track, and visibility into IPI's improving cash cost profile is becoming clear. Additionally, in an environment of lower U.S. Midwest potash prices, IPI managed to increase its advantage over SK potash producers to nearly $100/st, from ~$72/st previously."
IPI closed at $25.38 a share on Friday.
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Tags: Scotia Capital Markets