UPDATE: Jefferies Downgrades China Petroleum & Chemical to Hold Post Q3 Results

Jefferies reduced its rating on China Petroleum & Chemical

from Buy to Hold. Jefferies commented, "Sinopec's strong 3Q12 net income (29% above Bloomberg avg of 9 analysts) was in line with our estimates. Management explanation of large discrepancies in segmented results vs. our estimates were not entirely satisfying. We believe 2013 will be a year of restructuring and share price volatility as shareholders go on a ride with Chairman Fu. We are not averse to saddling up, but we first need some more clues about horse and jockey." China Petroleum & Chemical closed at $103.67 on Friday.