UPDATE: KeyBanc Upgrades Sanderson Farms

According to a research report published this morning, KeyBanc has upgraded Sanderson Farms SAFM from Hold to Buy, and established a $60 PT. In the report, KeyBanc said, "We continue to have a favorable view of the chicken industry and TSN remains our favorite pick in the space. However, we now believe the risk/reward on SAFM is sufficiently attractive to warrant a BUY recommendation mainly due to greater visibility into chicken industry economics and SAFM's earnings for FY13. Furthermore, SAFM's balance sheet has strengthened considerably in recent months and we continue to believe that it is one of the best managed companies in our entire coverage universe." Sanderson Farms closed yesterday at $52.66.