Shares of Jumia Technologies AG (JMIA) surged 5.72% in Tuesday's trading session, following a significant upgrade from RBC Capital Markets. The e-commerce company, often referred to as the "Amazon of Africa," saw its stock price climb on the back of renewed analyst optimism.

RBC Capital Markets raised its rating on Jumia Technologies from Sector Perform to Outperform, signaling increased confidence in the company's prospects. Along with the upgrade, RBC also substantially increased its price target for Jumia, more than doubling it from $6.50 to $15 per share.

This bullish stance from RBC likely reflects growing optimism about Jumia's business model and its potential for growth in the African e-commerce market. The significant boost in the price target suggests that RBC analysts see considerable upside potential for Jumia's stock. Investors responded positively to this vote of confidence, driving the stock's impressive intraday gain.