UPDATE: Raymond James Upgrades Jumia Technologies (JMIA) to Outperform

(updated to add analyst comment)

Raymond James analyst Aaron Kessler upgraded Jumia Technologies (NYSE: JMIA) from Market Perform to Outperform with a price target of $36.00.

The analyst comments "Our investment thesis for Jumia is based on: 1) we expect robust eCommerce growth in Africa; 2) Jumia is the leading pan-African marketplace and has become a trusted brand with consumers and sellers; 3) we believe Jumia has significant potential beyond its core marketplaces including payments and other services (e.g. food delivery); 4) we expect 50%+ GMV growth and increasing revenue monetization; and 5) we expect scale efficiencies and improving monetization to drive significant EBITDA leverage."

For an analyst ratings summary and ratings history on Jumia Technologies click here. For more ratings news on Jumia Technologies click here.

Shares of Jumia Technologies closed at $27.10 yesterday.

You May Also Be Interested In

• Freedom Broker Upgrades PrimeEnergy Resource (PNRG) to Hold
• JPMorgan Upgrades Hyundai Marine and Fire Insurance (001450:KS) to Neutral
• Deutsche Bank Downgrades Netskope (NTSK) to Hold on Valuation