UPDATE: Jefferies Maintains Hold, Lowers PT to $75 on ConocoPhillips

Jefferies reiterates its Hold rating on ConocoPhillips

and lowers its price target to $75 from $85 on 2012 outlook and fourth quarter earnings preview. Jefferies notes, "After a good 2011 we believe the global majors should again perform well in 2012, given our expectation of strong oil prices. Global gas is mixed, starting the year with poor demand and oversupply in the OECD, although Asian demand and pricing should remain strong. Capex is rising as further projects are approved, but we believe the sector companies should remain a good source of cash, with strong dividend yields and share buybacks." COP closed at $72.01 per share on Wednesday.