UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Verenium Corp. to Match BASF's Bid

In a report published Monday, Jefferies analyst Laurence Alexander reiterated a Hold rating on

, and raised the price target from $2.60 to $4.00. In the report, Jefferies noted, “We are raising our price target to match BASF's (BAS GR, Hold) bid of $4, which is expected to close in Q4. We view a counter-offer as highly unlikely. We reiterate our Hold rating.” Verenium Corp. closed on Friday at $3.98.