Jumia Technologies price target lowered to $30 from $41 at Citi
Citi analyst Andrew Howell lowered his price target for Jumia Technologies to $30 from $41 saying that while the company reported "strong" Q1 results, operating expenses came in higher than he expected. Further, on the results call, management did not formally address the allegations raised by Citron Research last week, Howell tells investors in a research note. However, the analyst believes Jumia's progress towards growth and profitability targets is far more important than these allegations. Nonetheless, Howell thinks it may take some time for investor confidence to be restored. As such, he would welcome a more public response from the company in addressing the allegations. The analyst keeps a Neutral rating on Jumia Technologies.