Shares of MNSO, the Chinese lifestyle retailer, surged 19.25% in Monday's intraday trading session following a price target increase by Jefferies. The investment bank raised its price target on MNSO to HK$39.10 from HK$29.10, while maintaining a "Hold" rating on the stock.

The significant price target revision by Jefferies analysts likely sparked investor optimism around MNSO's growth prospects, driving the stock's sharp intraday rally. However, the investment bank's decision to maintain a "Hold" rating suggests that the analysts believe the upside potential for further gains may be limited at the current valuation.