UPDATE: Dahlman Rose Downgrades Intrepid Potash to Sell on Weaker 2013 Outlook

Dahlman Rose downgraded Intrepid Potash IPI from Hold to Sell and announced a$16.00 price target. Dahlman Rose commented, "Following 4Q12 results, we see a weaker 2013 outlook for the potash market. Cap-ex is late to the expansion party and free cash flow is suffering as others payout earnings. … We have revised our 2013 estimates downward below consensus to reflect increased volume but higher cost expectations and lower prices for Potash versus our prior estimates. … We are downgrading the stock to a Sell rating with a price target of $16/share, as we believe it is overvalued at current levels of 9.8x and 22.0x our 2013 EBITDA and EPS estimates, respectively." Intrepid Potash closed at $20.68 on Friday.