Monster Beverage (MNST) shares have spent the summer moving toward record highs, and Morgan Stanley just gave investors a fresh reason to keep watching.

The bank reiterated its Overweight rating and $103 price target on the energy drink maker this week. Morgan Stanley is standing by a call it has now made twice in the past two months.

What is new is the evidence behind it. Morgan Stanley pointed to a wave of new products, from limited-time flavors to entirely new brands. 

These products have gone from generating zero sales last September to nearly 15% of Monster’s total US sales today.

That kind of increase rarely happens by accident, and it is reshaping how Wall Street thinks about…