In a report released today, Scott Devitt from Stifel Nicolaus initiated coverage with a Hold rating on Jumia Technologies AG (JMIA) and a price target of $40. The company’s shares closed yesterday at $37.72.
Devitt commented:
“We are initiating coverage of Jumia Technologies AG (JMIA) with a Hold rating and a $40 target price. Africa is early in the eCommerce adoption curve as online sales make up less than 1% of retail sales across the continent. A number of favorable demographic trends in the region point to an attractive long-term growth trajectory as points of friction are reduced. Jumia is the leading eCommerce player in Africa and has built a horizontal platform that’s well-positioned to benefit from positive secular trends over the long term. However, Jumia’s relatively high valuation compared to comparable marketplace platforms and long path to profitability drives our Hold rating as we await a more attractive entry point.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 22.4% and a 72.2% success rate. Devitt covers the Technology sector, focusing on stocks such as Lyft Inc Class A, Eventbrite Inc, and Alphabet Inc.
Jumia Technologies AG has an analyst consensus of Hold, with a price target consensus of $40, a 6.0% upside from current levels. In a report released yesterday, RBC Capital also initiated coverage with a Hold rating on the stock with a $40 price target.
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The company has a one-year high of $49.77 and a one-year low of $18.26. Currently, Jumia Technologies AG has an average volume of 5.61M.
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Jumia Technologies AG engages in the provision of logistic services. It operates though e-Commerce platform segment.
