Upwork initiated with a Sector Perform at Scotiabank

Scotiabank analyst Nat Schindler initiated coverage of Upwork (UPWK) with a Sector Perform rating and $15 price target. Upwork remains “the clear structural winner in staffing,” outperforming traditional firms such as Robert Half (RHI) and benefiting from the shift toward AI-driven, flexible work models. However, macro uncertainty and hiring headwinds limit the firm’s “willingness to be buyers at current levels,” the analyst tells investors.