UPDATE: Jefferies Lowers PT on Newmont Mining Corp. to $70 (NEM)

Jefferies is out with its report today on Newmont Mining Corp. NEM, lowering its price target from $75 to $70. In a note to clients, Jefferies writes, "We believe that Newmont's scale, management, and global operations will support metal outperformance going forward. Our $70/share (down from $75) price target reflects 12.5x our 2012 forecasted CFPS of $5.60, in-line with its historical average. Risks include lower than expected gold and copper prices, cost pressures, project development delays, and deflationary trends." Jefferies maintains Buy on NEM. At the time of posting, shares of NEM were trading at $55.13, up 0.68% from Thursday's close.