In a report published earlier today, the Goldman Sachs Group, Inc. reiterated its Sell rating for Intrepid Potash, Inc. IPI, but lowered its price target from $21.00 to $18.00.
Goldman Sachs went on to say “We remain constructive on the Fertilizer names...Our positive view is based on: (1) a view that elevated oil prices will support new crop corn prices and farmer economics, (2) our expectation that sufficiently tight nitrogen (N) and phosphate (P) supplies will drive a less negative price trajectory than the consensus view, and (3) valuations look compelling relative to history and replacement value.”
Intrepid Potash, Inc. closed on Friday at $20.58.
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