Delivery Hero has been upgraded to a "Buy" rating by UBS, with a target price of 50 euros.
Recent data from South Korea's statistics agency Kosis shows a significant 17 percent year-on-year increase in the transaction value of online food orders for September.
Analyst Jo Barnet-Lamb notes that while the growth in gross merchandise value (GMV) in South Korea has been strong, there were also notable increases in the months of June to August, albeit at a slower pace.
This ongoing growth trend is seen as a positive sign for the online food delivery industry, which has been overlooked by the market in recent months.