Morgan Stanley analyst Brian Nowak lowered his price target on Jumia Technologies to $22 from $27, stating that the higher than expected fulfillment costs reported in Q1 are notable given his previously expressed view that fulfillment cost leverage will be key to reaching profitability. Following the Q1 report, Nowak increased his forward fulfillment estimates, leading him to estimate higher EBITDA losses and trim his target. He keeps an Underweight rating on Jumia shares, citing his preference for large cap stocks with more upside and less execution risk.