Shares of Jumia Technologies AG (JMIA), often dubbed the "Amazon of Africa," are soaring 9.32% in Tuesday's trading session, significantly outpacing its pre-market gains. The surge comes on the heels of a substantial target price upgrade from Benchmark, a respected financial services firm, igniting investor enthusiasm for the African e-commerce leader.

Benchmark has raised its price target for Jumia Technologies to $18 from the previous $11, representing a remarkable 63.6% increase. This bullish revision signals strong confidence in Jumia's future performance and growth prospects. The new target price suggests significant upside potential, as it stands considerably higher than the stock's current trading level, even after today's impressive rally.

Jumia Technologies operates the leading e-commerce platform across Africa, aiming to revolutionize online shopping in a continent with rapidly growing internet penetration and digital adoption. The substantial target price increase from Benchmark may indicate that analysts perceive notable improvements in Jumia's business model, operational efficiency, or market position. As Jumia continues to expand its reach and enhance its services across the African continent, this vote of confidence from a major financial firm could attract more investor attention to the company's long-term growth story in the burgeoning African e-commerce market.