Upwork price target raised to $18 from $13 at Piper Sandler

Piper Sandler raised the firm’s price target on Upwork (UPWK) to $18 from $13 and keeps an Overweight rating on the shares. The firm says that after the preliminary earnings announcement in late October, Upwork provided fourth quarter revenue and EBITDA guidance ahead of expectations, even amid an uncertain macro. On this note, management expects these macro pressures to persist into 2025, putting some pressure on growth to start the year. To Piper, however, it is clear that management has made profitability a clear focus, as evidenced by the continued upside in the near-term.