UPDATE: Jefferies Assumes Coverage on Life Technologies, Downgrades to Hold Following Recent Takeout Bid

In a report published Monday, Jefferies analyst Brandon Couillard assumed coverage on Life Technologies Corp.

, downgraded the rating from Buy to Hold, but raised the price target from $58.00 to $76.00. In the report, Couillard noted, “We are assuming coverage of LIFE, and lowering our investment rating to Hold (from Buy) following TMO's recent takeout bid. We do not expect material regulatory issues to surface, given modest direct overlap between the two businesses and view a competitive bid as unlikely. Our price target moves to $76 (from $58), in line with TMO's offer.” Life Technologies Corp. closed on Monday at $73.54.