Upwork price target raised to $18 from $17 at UBS

UBS analyst Joshua Chan raised the firm’s price target on Upwork (UPWK) to $18 from $17 and keeps a Neutral rating on the shares after hosting the company at the firm’s Technology & AI Conference. While management remains cautious regarding gross services volume trajectory into 2025, the company is making meaningful strides in its financial algorithm led by margin improvement initiatives driving 20%+ EBITDA growth in 2025 despite slightly declining GSV and revenue, the analyst tells investors in a research note. The sustainability of financial performance could be a catalyst to drive multiple expansion over time, though UBS views risk/reward as balanced currently.