Delivery Hero heads for strongest weekly gain on record

LONDON (Reuters) – Delivery hero rallied on Friday, extending gains to head for a 30% gain this week, its strongest weekly rise on record, after the loss-making German takeaway food company delivered an upbeat growth outlook.

Delivery Hero shares rose 11.3%, getting a lift from the broader stock market, where China easing some of its strict COVID-19 rules sent the pan European index to its highest since late August.

Delivery Hero shares jumped 18.6% on Thursday after the Berlin-based company forecast a positive adjusted core profit margin for next year as it said it focuses on reaching profitability over growth.

Separately, Citigroup raised its price target on Delivery Hero shares to 71.5 euros from 64 euros. Shares were last at 45.74 euros.

(Reporting by Joice Alves; Editing by Amanda Cooper)