Upwork price target raised to $19 from $11 at Citi

Citi analyst Ronald Josey raised the firm’s price target on Upwork (UPWK) to $19 from $11 and keeps a Neutral rating on the shares. The firm says that while the company’s volume growth remains challenged due to the macro environment, it is encouraged with the Q3 results and progress on improving overall profitability. It remains early in Upwork’s turnaround and visibility remains challenged given end market demand, making the stock’s risk/reward balanced, the analyst tells investors in a research note.