** Shares of protein-based food and beverages co BellRing Brands BRBR.N rise 3.2% to $63.65 in premarket trading

** Brokerage raises BRBR to 'buy' from 'neutral'; calls it "best idea in Food" after stock selloff since Q2 results on May 6

** Co posts Q2 net sales of $588 mln and EPS of 53 cents, beating Wall Street estimates of $578.4 mln sales and 52 cents per share - data compiled by LSEG

** D.A. Davidson adds that they don't expect co's decreased inventory and increased promotion to lead to a bigger headwind

** Co is positioned at intersection of where the broader nutrition industry is headed with its nutrition shakes - brokerage

** Brokerage says that BellRing is among the most attractive acquisition targets in packaged food

** Avg rating of 18 analysts is "buy" or higher; Median PT is $80

** As of last close, BRBR down 18.1% YTD

(Reporting by Twesha Dikshit)

((Twesha.Dikshit@thomsonreuters.com))