UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Frontline Ltd. on 4Q12 EPS

In a report published Monday, Jefferies reiterated its Hold rating on Frontline Ltd. FRO, but slightly lowered its price target from $3.00 to $2.50. Jefferies noted, “This morning, Frontline reported a 4Q12 EPS loss of $0.17, excluding one-time items and FX, which was better than Street consensus of an EPS loss of $0.38 and our estimate of an EPS loss of $0.57 primarily due to better than expected spot charter rates earned during the quarter.” Frontline Ltd. closed on Friday at $2.90.