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. (NASDAQ: LIFE ), 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