Stifel analyst Scott Devitt said "Jumia is off to a good start as a public company," noting that the company reported Gross Merchandise Volume growth that beat management's preliminary forecast in its first report since its IPO. Jumia, whose shares have fallen 50% over the last 12 days, is currently trading at six times 2020 estimated GMV based on his new estimates, noted Devitt, who sees Jumia being well-positioned to benefit from the positive secular trends in commerce and digital payments as the leader in the most attractive markets in Africa. However, he lowered his price target on the stock to $34 from $40 after lowering his intermediate-term adjusted EBITDA forecasts.