As previously reported, RBC Capital analyst Mark Mahaney upgraded Jumia Technologies to Outperform but lowered his price target to $30 from $40. The analyst notes the company's Q2 results were mixed with above-consensus gross merchandise volume and accelerating active customer growth but with less than expected EBITDA. Mahaney adds that while the stock price declined by over 16% after today's report, the company's fundamental trends were overall positive. Given the improving fundamentals and "robust growth potential", the analyst sees the valuation on Jumia shares as "attractive".