Shares of Jumia Technologies AG (JMIA) are surging 5.19% in pre-market trading on Tuesday, following a significant upgrade from Benchmark. The e-commerce company's stock is reacting positively to the revised outlook from analysts.

Benchmark has raised its target price for Jumia Technologies to $18, up from the previous target of $11. This represents a substantial 64% increase in the price target, signaling strong confidence in the company's future performance and growth prospects.

The sharp upward revision in the price target appears to be driving investor enthusiasm, leading to the notable pre-market rally. As the African e-commerce leader, Jumia's improved outlook from a respected financial firm like Benchmark could indicate positive developments in the company's operations or market position.