** Shares of Celsius Holdings CELH.O up 1% at $57.48 and rising for 3rd straight session on Tues after Morgan Stanley upgraded energy drink maker to 'overweight' from 'equal-weight'

** Brokerage boosted PT by $9 to $70, implying 23% upside to stock's last close

** Morgan Stanley analyst Eric Serotta said he sees another leg up in CELH's stock driven by a greater than expected reacceleration in revenue growth

** He pointed out that brand Celsius has returned to growth following last year's share slowdown, and he expects further improvement, with "much easier" comps from Dec through early Jun

** While Alani, which accounts for ~40% of CELH sales, Serotta says, growth has recently moderated in Q2, but added its trends remain "robust" ahead of the Dec 1, 2025 transition to the Pepsi system

** A month ago, PepsiCo PEP.O acquired 5% of CELH's preferred stock, increasing its total stake in co to about 11% after conversion

** Florida-based CELH bought peer Alani Nutrition in $1.8 bln deal completed in Apr

** Now, 18 of 23 analysts covering CELH rate stock "strong buy" or "buy", 4 rate "hold" and 1 recommends "sell"; median PT is $70, per LSEG

** With move on Tues, stock up ~118% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com ; 1-646-279-6380))