The Lovisa Holdings Ltd (ASX: LOV) share price continued its strong run on Monday, climbing almost 12% higher to $6.82 at one stage.
The jewellery retailer's shares eventually gave back some of their early gains, but still finished the day 6% higher at $6.45.
Why did its shares climb higher?
With no material news out of Lovisa today, this gain is likely to be attributable to a research note out of the Macquarie equities desk.
According to the note, the broker has retained its outperform rating but increased the price target on its shares to $6.75.
Its analysts made the change following the opening of its first pilot store in the US at Glendale Galleria in Los Angeles last month. The broker appears to believe that the US market is a large and attractive opportunity for the company.