Jumia Wins Over Wall Street for Its African E-Commerce Strategy
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Wall Street is finally turning more bullish on Jumia Technologies AG as its debut results as a public company quelled some fears after a nearly 50 percent decline in the stock this month and a scathing report from short-seller Citron Research.
Results from the e-commerce firm -- which has been dubbed the Amazon.com Inc. of Africa -- prompted analysts at Raymond James and Berenberg to upgrade shares to a buy-equivalent rating, citing revenue growth. The banks’ ratings changes followed Stifel’s Scott Devitt, who became the company’s first bull on Monday afternoon.