UPDATE: Scotia Capital Markets Cuts PT to $28 on Intrepid Potash; Clean Q1 Miss

Scotia Capital Markets lowers its 12-month target on Sector-Outperform-rated Intrepid Potash

from $30 to $28 following the company's Q1 EPS miss. Scotia Capital Markets says, "IPI fell 8% yesterday, compared to the group that was down 1%, on average. While we acknowledge that the market is correct to place a discount on IPI for the now greater unpredictability of its guidance, its cash costs, and the timing of project commissioning, we think the market is not recognizing the value creation expected to occur by 2014." IPI closed at $22.97 on Friday.