UPDATE: Goldman Sachs Downgrades Intrepid Potash to Neutral

Goldman Sachs lowers its rating on Intrepid Potash

to Neutral from Buy on concerns for downward Street EPS revisions. The $21 price target remains unchanged. Goldman Sachs notes, "Our 2012 EPS estimate of $1.29 stands 19% below consensus, stemming from our expectation that US potash prices will be roughly flat on a sequential basis across 2012 as the inventory overhang from 2011 weighs on US prices. ...As an additional negative, IPI's non-cash costs should increase in 2012 as higher capex investments flow through the P&L." IPI closed at $25.23 a share on Monday.