Why Jumia Technologies Dived by Nearly 10% Today
Monday was not a good day to be an investor of African e-commerce specialist Jumia Technologies (NYSE: JMIA). In the wake of a disappointing earnings report published earlier this month, one analyst at a prominent investment bank has become more bearish on the stock; his analysis helped push Jumia's share price down by almost 10% on the day.
Analyst Luke Holbrook has taken over coverage of Jumia stock for Morgan Stanley, and he wasted little time downshifting the investment bank's recommendation. In his estimation, the stock is underweight, and investors should sell their shares at a price target of $11 per share. Previously, Morgan Stanley's recommendation was equal weight (neutral).
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Source Fool.com
