In a report published Friday, Morgan Stanley reiterated its Equal-Weight rating on Intrepid Potash IPI, but lowered its price target from $26.00 to $24.00.
Morgan Stanley noted, “Unit costs are likely to increase again in 2013 driven by higher D&A, while potash expansion capacity will not materially impact EPS until 2014. Intrepid's realized prices have reset modestly lower than competitors though management noted a significant pickup in demand over the past week.”
Intrepid Potash closed on Thursday at $22.03.
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