Scotia Capital Maintains Sector Underperform On Interpid Potash After Preliminary Earnings Release

Scotia Capital is out with a research report on Intrepid Potash IPI after it released preliminary earnings last night. It has a Sector Underperform rating and a one-year price target of $31. In a note to clients, Scotia Capital writes, "IPI estimated Q2 MOP sales of 220k to 230k st @ $455/st to $465/st ($501/mt to $512/mt). On langbeinite, IPI estimated Q2 Trio sales of 35k to 45k st @ $215/st to $225/st ($237/mt to $248/mt). Taking the mid-points results in sales that are 4.9% above the consensus forecast. Q2 production exceeded "historical" levels due to one-month of above run-rate production at IPI's Moab mine, which temporarily benefited from favourable brine levels and harvest conditions. " Shares of IPI closed at $33.37 yesterday.