RBC Capital upgraded Jumia Technologies (JMIA) to Outperform from Sector Perform with a price target of $15, up from $6.50, after hosting meetings with management. The firm left “incrementally positive,” particularly on the sustained supply benefits the company is getting from easing currency pressures. RBC expects further supply expansion, order growth acceleration and upside in the shares. Management’s tone was bullish on Jumia gaining more leverage and momentum with Chinese suppliers, the analyst tells investors in a research note.
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