UPDATE: D.A. Davidson Upgrades Balchem Corporation to Buy, Raises PT on In-Line Q4

In a report published Friday, D.A. Davidson upgraded its rating on Balchem Corporation BCPC from Underperform to Buy, and raised its price target from $28.00 to $48.00. D.A. Davidson noted, “BCPC's shares are up, but have lagged the performance of the NASDAQ over one year, two years, and since our downgrade to Underperform on October 7, 2010. Yet the rough patch of performance was really due to exogenous factors – one would have to say that management delivered respectable results in a difficult environment. We believe this has set the stage for significant upside over the next two years and are upgrading the shares to BUY from Underperform.” Balchem Corporation closed on Thursday at $38.15.