Industrias Bachoco has been upgraded by TheStreet Ratings from "hold" to "buy," due to the company's revenue growth, solid financial position with reasonable debt levels, good operational cash flow, increase in net income and growth in earnings per share.

The company's revenue growth greatly exceeded the industry average of 24.9 percent, according to TheStreet Ratings. Since the same quarter in 2011, revenues rose by 43.8 percent. Growth in the company's revenue appears to have helped boost the earnings per share. In addition, the net income growth from the same quarter in 2011 has significantly exceeded that of the S&P 500 and the Food Products industry. Industrias Bachoco's net income increased by 299.2 percent when compared to 2011 numbers, rising from $12.92 million to $51.59 million.

Shares for Industrias Bachoco are up 10.6 percent year to date as of the close of trading on May 8.