Jumia Technologies AG (JMIA) saw its stock surge 5.72% in Tuesday's trading session, following a significant upgrade from RBC Capital Markets. The e-commerce platform, often referred to as the "Amazon of Africa," received a boost as RBC raised its rating from Sector Perform to Outperform.

In a notable move, RBC more than doubled its price target for Jumia, lifting it from $6.50 to $15. This substantial increase in the target price represents considerable upside potential from the stock's current trading levels. The upgrade suggests that RBC analysts see strong growth prospects and improving fundamentals for the African e-commerce leader.

Jumia Technologies, which operates in several African countries, has been working to streamline its operations and improve profitability in recent years. This upgrade from a major financial institution like RBC could signal growing confidence in Jumia's business model and its ability to capitalize on the burgeoning e-commerce market in Africa. Investors will likely be watching closely to see if this positive sentiment translates into improved financial performance in the coming quarters.