UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Newmont Mining Corporation on Adjusted 4Q EPS

In a report published Monday, Jefferies reiterated its Hold rating on Newmont Mining Corporation

, but lowered its price target from $44.00 to $40.00. Jefferies noted, “Newmont reported adjusted 4Q EPS of $1.11 beating the Street's estimate of $0.97. Like many other gold producers, Newmont has continued to struggle to bring the benefits of high gold prices to the bottom line. We remain unimpressed with the quality and quantity of Newmont's reserves – leaving the company ill prepared for a potentially weaker gold price. We are lowering the target to $40.” Newmont Mining Corporation closed on Friday at $40.93.