UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Intrepid Potash on High Execution Risk

In a report published Friday, Goldman Sachs reiterated its Neutral rating on Intrepid Potash

, but lowered its price target from $23.00 to $21.00. Goldman Sachs noted, “IPI reported 4Q2012 EPS of $0.26, ahead of GS/consensus $0.23/$0.24, with a +$0.03 tax variance driving the beat versus our forecasts. Operating performance was in line with our forecasts and the company's January 17 pre-announcement. Shares underperformed on February 14 (IPI -6.3% vs. R2K +0.3%) as initial 2013 production cost and capex guidance came in above expectations, highlighting the near-term execution risk ahead of anticipated 2014-15 volume growth from the HB Solar mine and improved Trio production at the East facility.” Intrepid Potash closed on Thursday at $22.03.