Upwork price target raised to $18 from $14 at JMP Securities

JMP Securities raised the firm’s price target on Upwork (UPWK) to $18 from $14 and keeps an Outperform rating on the shares. Upwork reported strong Q3 results, with revenue coming in 5% above the high end of guidance and EBITDA $3M above, the analyst tells investors in a research note. The firm came away from the quarter incrementally confident in Upwork’s ability to execute against its key initiatives, including artificial intelligence, enterprise, partnerships, and ads and monetization. It says Upwork continues to improve monetization of its platform.