UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Caterpillar on Lowered 2013/2014 Earnings Estimates

In a report published Wednesday, Jefferies analyst Stephen Volkmann reiterated a Hold rating on Caterpillar

, but lowered the price target from $95.00 to $75.00. In the report, Volkmann noted, “We are lowering our 2013/2014 and introducing a 2015 earnings estimate well below current consensus forecasts. With miner capital spending plans indicating a multi-year decline, we are projecting three years of minimal earnings growth as lower mining offsets growth in construction. We maintain our Hold rating and are reducing our PT to $75 on the reduced forecast.” Caterpillar closed on Tuesday at $82.61.