Jumia Technologies AG (JMIA), often dubbed the "Amazon of Africa," saw its stock surge 5.52% in pre-market trading on Tuesday, following a significant upgrade from RBC Capital Markets. The e-commerce platform received a substantial vote of confidence as RBC raised its rating from Sector Perform to Outperform.

In a move that caught investors' attention, RBC more than doubled its price target for Jumia, lifting it from $6.50 to $15. This considerable increase represents a strong upside potential from the stock's current trading levels and signals growing confidence in Jumia's business model and growth prospects in the African e-commerce market.

The upgrade from RBC suggests that analysts see improving fundamentals for the African e-commerce leader. Jumia has been working to streamline its operations and enhance profitability in recent years, and this positive sentiment from a major financial institution could indicate that these efforts are beginning to bear fruit. Investors will likely be watching closely to see if this optimism translates into improved financial performance in the upcoming quarters, as Jumia continues to capitalize on the expanding e-commerce opportunities across the African continent.