JMIA - Why Jumia Technologies Dived by Nearly 10% Today
Monday was not a good day to be an investor of African e-commerce specialist Jumia Technologies (NYSE: JMIA) . In the wake of a disappointing earnings report published earlier this month, one analyst at a prominent investment bank has become more bearish on the stock; his analysis helped push Jumia's share price down by almost 10% on the day.
Analyst Luke Holbrook has taken over coverage of Jumia stock for Morgan Stanley , and he wasted little time downshifting the investment bank's recommendation. In his estimation, the stock is underweight, and investors should sell their shares at a price target of $11 per share. Previously, Morgan Stanley's recommendation was equal weight (neutral).
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Why Jumia Technologies Dived by Nearly 10% Today