** Shares of protein-based food and beverages company Bellring Brands rise as much as 5% to an all time high of $66.93

** BofA raises price objective of BRBR to $75 from $67 on rising ready-to-drink protein shake growth

** Says BRBR's brand Premier Protein and Coca-Cola's Core Power to be drivers of demand of protein shakes among mainstream consumers

** Notes that Premier Protein's presence is rooted in meal replacement, club stores and pharmacy sections, while Core Power is placed in advantageous beverage and dairy sections in convenience stores and gas stations

** Says BRBR is likely to seek a direct-store delivery (DSD)partner - where products are supplied directly to retailers - to expand distribution capabilities

** Also says price promotions and increased foot traffic through DSD-powered better store display, along with almost three times the offerings of Core Power, would enable co to accelerate sales growth

** 12 of 15 brokerages rate the stock "buy" or higher and three "hold", with a median PT of $67

** Up to Monday's close, stock had risen ~15% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))