UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Intrepid Potash on High Execution Risk
In a report published Friday, Goldman Sachs reiterated its Neutral rating on Intrepid Potash (NYSE: IPI), but lowered its price target from $23.00 to $21.00.
Goldman Sachs noted, “IPI reported 4Q2012 EPS of $0.26, ahead of GS/consensus $0.23/$0.24, with a +$0.03 tax variance driving the beat versus our forecasts. Operating performance was in line with our forecasts and the company's January 17 pre-announcement. Shares underperformed on February 14 (IPI -6.3% vs. R2K +0.3%) as initial 2013 production cost and capex guidance came in above expectations, highlighting the near-term execution risk ahead of anticipated 2014-15 volume growth from the HB Solar mine and improved Trio production at the East facility.”
Intrepid Potash closed on Thursday at $22.03.
Latest Ratings for IPI
|Oct 2014||BMO Capital||Upgrades||Underperform||Market Perform|
|Aug 2014||BGC Partners||Downgrades||Hold||Sell|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.