Delivery Hero has been upgraded to a 'Buy' rating by UBS, with a target price of 50 euros.

The decision was made based on recent data from South Korea's statistics agency Kosis, which reported a 17 percent year-on-year increase in the transaction value of online food orders for September.

Analyst Jo Barnet-Lamb noted that while the growth in gross merchandise value (GMV) in South Korea has been strong, the increases observed from June to August were also significant, though not as pronounced.

This ongoing growth trend in the online food delivery sector is seen as a positive indicator for the industry, which has recently received less attention from the market.