UPDATE: Goldman Sachs Resumes Intrepid Potash at Neutral on Execution Challenges

Goldman Sachs resumed coverage on Intrepid Potash

with a Neutral rating and a $23 price target. Goldman Sachs commented, "While we hold a positive view of IPI's long-term volume growth from the low-cost HB Solar mine and leverage to a turn in potash fundamentals, we see risk to 2013 consensus forecasts as Trio production could disappoint given ongoing challenges at the company's East facility. Given our expectations for capex near peak levels in 2013, we prefer to take a wait-and-see approach on 2014-15 growth despite an undemanding current valuation (7.4x 2013 EV/EBITDA)." Intrepid Potash closed at $22.72 on Tuesday.