Bernstein Revises Model for Delivery Hero Post-Q2 Results; Outperform Rating Kept

02:25 AM EDT, 09/03/2026 (MT Newswires) -- Bernstein updated its model for Delivery Hero (DHER.F) to reflect the German online food delivery company's second-quarter earnings and its upgraded full-year 2026 outlook. "2Q was marked by [better-than-anticipated] trends leading to an upgrade in the FY guidance. DHER Group [Gross Merchandise Value] reached EUR13.2.bn, up 11.3% yoy [like for like] at constant currency (excl hyperinflation), beating consensus by 3%. Group segment revenues reached EUR4025m, up 17.7%, implying a total take rate of 30.5%, and revs came in 4% ahead of cons," the research firm said Wednesday. "Divisional trends were marked by a good performance in almost all geographies." Delivery Hero upgraded its full-year 2026 outlook, including a higher revenue growth target of between 17% and 19% year over year at constant currency and on a like-for-like basis. The company previously forecasted revenue growth of between 14% and 16%. Against this backdrop, analysts maintained their outperform rating, while their price target was unchanged at 41.50 euros to align with Uber's (UT8.F) offer price.