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IPI

Intrepid Potash

$1.13

0.03 (2.73%)

14:14
10/02/16
10/02
14:14
10/02/16
14:14

Intrepid Potash secures extension to debt waiver, says negotiations ongoing

Intrepid Potash announced it has obtained an extension to the previous waiver of certain covenants under its senior notes until October 31. The previous waiver was set to expire on September 30. "The extension of the waiver is intended to provide additional time to complete definitive documentation for the revised note terms as well as the terms of the previously announced alternative credit facility. These negotiations have been impacted by the complexity of the numerous constituents involved and the evolving nature of the current potash and langbeinite markets. We continue to negotiate," said CEO Bob Jornayvaz. In connection with the waiver and amendment, on October 3, Intrepid is required to pay the noteholders $15.8M, consisting of a $15M principal payment and a $800,000 negotiated make-whole payment resulting from early retirement of the notes.

IPI Intrepid Potash
$1.13

0.03 (2.73%)

04/14/16
COWN
04/14/16
DOWNGRADE
COWN
Underperform
Potash, Mosaic downgraded to Underperform at Cowen
As previously reported, Cowen analyst Charles Neivert downgraded Potash (POT), Mosaic (MOS), Intrepid Potash (IPI) and CF Industries (CF), all to Underperform from Market Perform, citing the risk of a further deterioration in the grain environment and the belief that nutrient prices and margins still have room to fall. Neivert said an increase in U.S. corn acreage to 93.6M acres from 88M acres, combined with likely gains in Brazilian and Argentine output, would likely result in a very sizable drop in both corn price and 2017 corn acreage, which would create further headwinds for Ag shares. The analyst lowered his price target for CF to $25 from $44, cut his target for Mosaic to $23 from $32, trimmed his target for Potash to $14 from $16. He keeps Market Perform ratings on Agrium (AGU) and CVR Partners (UAN), but lowered his targets on them to $86 and $8, respectively.
04/14/16
04/14/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Cowen analyst Charles Neivert downgraded Potash (POT), Mosaic (MOS), Intrepid Potash (IPI) and CF Industries (CF), all to Underperform, citing the risk of further deterioration in the grain environment. He also cites the belief that nutrient prices and margins still have room to fail. Neivert said an increase in U.S. corn acreage to 93.6M acres, combined with likely gains in Brazilian and Argentine output, would likely result in a very sizable drop in both corn price and 2017 acreage. 2. PepsiCo (PEP) downgraded to Hold at Stifel citing valuation and its belief that the stock probably lacks "structural or growth-related catalysts." 3. Lennox (LII) downgraded to Sector Weight at KeyBanc with analyst Jeffrey Hammond saying he expects the stock to trade more in line with the peers after a period of multiple expansion. 4. Omnicom (OMC) downgraded to Market Perform at Wells Fargo by analyst Peter Stabler, who said expectations for margin expansion are priced into the shares at current levels. 5. Graco (GGG) downgraded to Neutral at SunTrust citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/10/16
LYON
05/10/16
UPGRADE
Target $3
LYON
Outperform
Intrepid Potash upgraded to Outperform from Underperform at CLSA
CLSA analyst Mark Connelly upgraded Intrepid Potash to Outperform but lowered its price target to $3 from $5. The analyst has no assurance that the negotiations with lenders for covenant relief will be successful, the debt is well covered, even if prices slip further, he believes.
05/10/16
05/10/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Energen (EGN) upgraded to Buy at Seaport Global by analyst Mike Kelly, who assigned additional value to the company's core Southern Delaware position, accounting for increased productivity on larger completions in the Midland Basin and increased confidence in planned asset sales. 2. Intrepid Potash (IPI) upgraded to Outperform at CLSA with analyst Mark Connelly saying that he has no assurance that the negotiations with lenders for covenant relief will be successful, but the debt is well covered. 3. Oasis Petroleum (OAS) upgraded to Buy at Jefferies by analyst Jonathan Wolff, who cited improvements in the global oil markets and the company's cost control. 4. TETRA (TTI) upgraded to Buy from Accumulate at Johnson Rice. 5. Dover (DOV) upgraded to Buy at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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