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im bullish and a holder but i agree you need to consider the bear arguments, so to the fellow who wants the balanced view, i think this simply wall st analysis by charts is a snice summary of bkl's strengths and weaknesses.
in summary, it breaks the analysis into 5 key areas:
1) past performance: it has an amazing track record for growth and a fantastic ceo and management team and board of directors who have been there over 10 years on average
2)  sp capital value: a 4% discount to fair value $120 by their cash flow analysis
3) financial/ balance sheet health: excellent, low debt
4) dividends: excellent, with dividend forecast to grow to 5% next year and at a low payout : earnings ratio
5) growth prospects: here is the zinger. 1yr earnings growth forecasts were not provided by the company and their vague negativity about decreased sales in q1 meant forecast earnings growth by analysts came in at 1-2%, which is terrible for a company that was on a p/e of 30.

so basically its the sudden downgrade in growth potential that has slashed price targets and led ti the massive re-pricing.

now, those of us who currently hold and have been topping up at this dip in sp believe the market has over reacted massively and that medium term the growth story will be back in track, but only time will tell, and it may take one or two quarters for earnings reports and forecasts to pick up.

but the directors are buying stock, chinese consumer demand growth is not slowing down yet, and new massive markets are opening up as above, plus bkl is investing in new products eg infant formulas, so its a brave person in my opinion who is still shorting bkl at 115, 50% below its 220 peak. i honestly believe most of those who avoid the risk of buying in until after oct 27 will miss the initial rise to 130+.

good luck