UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on Intrepid Potash After 4Q12 Results

In a report published Friday, Morgan Stanley reiterated its Equal-Weight rating on Intrepid Potash

, but lowered its price target from $26.00 to $24.00. Morgan Stanley noted, “Unit costs are likely to increase again in 2013 driven by higher D&A, while potash expansion capacity will not materially impact EPS until 2014. Intrepid's realized prices have reset modestly lower than competitors though management noted a significant pickup in demand over the past week.” Intrepid Potash closed on Thursday at $22.03.