Shares of Jumia Technologies AG (JMIA), often referred to as the "Amazon of Africa," are soaring 9.32% in pre-market trading on Tuesday, following a significant target price upgrade from Benchmark. The surge in stock price reflects growing investor optimism about the African e-commerce company's prospects.

Benchmark, a well-respected financial services firm, has raised its target price for Jumia Technologies from $11 to $18, representing a substantial 63.6% increase. This bullish outlook suggests that analysts at Benchmark see considerable upside potential in Jumia's business model and market position. The sharp upward revision in the price target appears to be the primary driver behind the stock's pre-market rally.

Jumia Technologies operates the leading e-commerce platform in Africa and has been working to expand its reach and improve operational efficiency across the continent. The significant boost in price target may indicate that Benchmark analysts believe Jumia is making substantial progress in its growth strategy and could be on track for improved financial performance in the near future. As the African e-commerce leader, Jumia's improved outlook from a respected financial firm like Benchmark could signal positive developments in the company's operations and market positioning.