Jumia Technologies AG (JMIA) stock surged 5.19% in pre-market trading on Tuesday, following a significant target price upgrade from Benchmark. The move reflects growing investor optimism about the African e-commerce company's prospects.

Benchmark, a well-respected financial services firm, 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.

Jumia Technologies, often referred to as the "Amazon of Africa," operates the leading e-commerce platform in Africa. The company has been working to expand its reach and improve its operational efficiency across the continent. This target price increase may indicate that Benchmark analysts believe Jumia is making progress in its growth strategy and could be on track for improved financial performance in the near future.