Stifel Nicolaus analyst Scott Devitt upgraded Jumia Technologies AG (JMIA) to Buy today and set a price target of $34. The company’s shares opened today at $21.46, close to its 52-week low of $18.13.
Devitt said:
“We are lowering our price target to $34 after reducing our intermediate-term adj. EBITDA forecasts. Key Points GMV exceeds expectations on better spend per active: GMV growth of 58% y/y to €240mm exceeded the company’s preliminary estimate of 55% y/y growth. Active customers increased to 4.3mm (previously reported), up 44% y/y. LTM GMV per active customer increased to €213, up 12% y/y. Revenue growth of 12% y/y was slightly below our expectations due to the mix shift between 1P and 3P revenue. 1P sales (down 21% y/y), which are recorded on a gross basis, was below our expectation. Marketplace revenue increased 102% y/y driven by strong growth in marketing/advertising (up 201% y/y), value-added services (up 86% y/y), fulfillment (up 116% y/y), and commissions (up 95% y/y).”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 21.7% and a 70.7% success rate. Devitt covers the Technology sector, focusing on stocks such as Eventbrite Inc, Alphabet Inc, and Mercadolibre.
The word on The Street in general, suggests a Hold analyst consensus rating for Jumia Technologies AG with a $41.67 average price target.
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The company has a one-year high of $49.77 and a one-year low of $18.13. Currently, Jumia Technologies AG has an average volume of 5.7M.
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Jumia Technologies AG engages in the provision of logistic services. It operates though e-Commerce platform segment.
