As previously reported, Raymond James analyst Aaron Kessler downgraded Jumia Technologies to Market Perform from Outperform after the company reported "mixed" Q4 results, with solid customer and order growth but lower than expected GMV and revenue growth. He thinks Jumia is taking the right steps in rebalancing its business mix towards higher frequency consumer purchase items, but also sees it taking time for this strategy to drive stronger GMV growth. While he also believes EBITDA should improve from here, it will take time to meaningfully improve EBITDA loss rates, Kessler tells investors.