Upwork price target raised to $18 from $16 at BTIG

BTIG raised the firm’s price target on Upwork (UPWK) to $18 from $16 and keeps a Buy rating on the shares as part of a broader research note previewing 2025 for the e-commerce sector. Heading into next year, it is a “virtual certainty” that government policy will be a major factor for the market, and the firm is of the opinion that the incoming administration will pursue policies that will be a net positive for consumers, the analyst tells investors in a research note. BTIG adds that at 10-times expected forward EBITDA, Upwork trades at a discount to the e-commerce sector median of 13-times and a discount to fellow talent platform ZipRecruiter (ZIP) which is at 11-times.