Berenberg analyst Donald McLee initiated coverage of three companies involved in the plant-based meat category, which he sees being in the early stages of “its second evolution” as modern plant-protein have progressed significantly toward replicating the experience of animal meat. He started Beyond Meat (BYND) with a Buy rating and $100 price target, identifying it as “the only public, pure-play plant-based meat company.” He sees its advantages in innovation, brand awareness, distribution and portfolio making Beyond well-positioned to capture share, McLee tells investors. While he expects strong plant-based trend tailwinds to create a tide that lifts all boats, not all of the competitors in the space are created equal and McLee identifies Conagra’s (CAG) Gardein Beyond Meat and Impossible Foods as the three best-positioned plant-based brands.