Monster Beverage's innovative products are starting to pay off as more people start trying their energy drinks in the United States, according to new Jefferies research.
The success of the products -- including Ultra Violet, Hydro and Mutant – is key to analyst Kevin Grundy's new price target.
"Our survey points to higher penetration rates, with Monster's recent innovation positioning it well to broaden its consumer base," wrote Grundy in a note to clients. "Monster has prioritized innovation, strategically repositioned acquired Coca-Cola brands, and leveraged new sponsorships."
This comprehensive product revival is responsible for a 7 percent jump in sales growth over the past year versus general category growth of just 3 percent, according to Nielsen data.