UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Kinross Gold Corporation on Lowered Estimates

In a report published Wednesday, Citigroup reiterated its Buy rating on Kinross Gold Corporation

, but lowered its price target from $12.00 to $10.00. Citigroup noted, “After marking-to-market 4Q and adjusting for our revised forecast, we are lowering our 2013 estimate to $0.70 from $0.84. Our 2013 cost estimate rises to $733/oz from $717/oz. We're decreasing our price target on KGC shares to $10/share from $12; maintain Buy. We value the stock based on a weighted average of multiple and DCF valuation, and we continue to apply a 14.5 multiple to EPS but we shift valuation out to 2014.” Kinross Gold Corporation closed on Tuesday at $7.99.