SunTrust analyst Bill Chappell initiated coverage of BellRing Brands with a Hold rating and $20 price target. The analyst says the company has "expanded rapidly" over the past 3 years thanks to its Premier ProteinRTD shake product and stands well positioned to expand its leadership through distribution into new channels, ramped up marketing, and new product launches. Chappell adds however that his reservations on BellRing Brands stem from its channel concentration, higher than peer average leverage, and the historical performance of similar tax free spin offs over the first 6-12 months after the spin.