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Shares of Lululemon (LULU - Get Report) edged up Monday after Piper Jaffray kicked off stock coverage of the athletic wear company with an overweight rating. 

Lululemon's stock price rose 0.32% to $189.90 on the heels of Piper Jaffray's vote of confidence in the Vancouver-based firm.

Lululemon is poised to gain market share amid growing demand for in men's athletic wear and the firm's "better than expected" performance in the crucial Chinese market, where the firm now has 28 stores, analysts at Piper Jaffray wrote.

The report also cited other "upside catalysts," including higher profit margins in its European operations, growth in its customer loyalty programs, and its recently launched line of self-care products aimed at the athletically minded, including "anti-stink deodorant," as well as "sweat reset face moisturizer" and "no-show dry shampoo."

Lululemon is now pushing to double sales in men's sportswear and related products, as well as in its more profitable digital offerings, by 2023, while also quadrupling international sales over the next four years, Zacks Investment Research noted in a recent report.

Lululemon is also looking to expand its offerings, having launched tests in June of its new self-care products in 50 stores.

"LULU is playing its cards right to remain fashionable and trendy in a starkly competitive apparel market," Zacks wrote.