UPDATE: RBC Capital Starts Upwork Inc. (UPWK) at Sector Perform, 'Largely fairly discounted'

May 23, 2022 3:18 AM EDT
Get Alerts UPWK Hot Sheet
Price: $22.19 +7.30%

Rating Summary:
    11 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 0
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(Updated - May 23, 2022 3:31 AM EDT)

RBC Capital analyst Nrad Erickson initiates coverage on Upwork Inc. (NASDAQ: UPWK) with a Sector Perform rating and a price target of $21.00.

The analyst comments "On balanced views of a large TAM and comprehensive services portfolio offset by rising customer acquisition cost, competitive intensity and likely abating labor tailwinds, we initiate at Sector Perform. Positively, the digital freelance opportunity should easily support double-digit growth ahead with some near-term negatives well discounted in. Less positively, labor's softening, CAC is rising and LinkedIn represents a meaningful overhang unlikely to go away anytime soon. The stock is arguably attractive valuation wise, but we need evidence of an inflection to get more constructive, which appears lower probability post-COVID."

For an analyst ratings summary and ratings history on Upwork Inc. click here. For more ratings news on Upwork Inc. click here.

Shares of Upwork Inc. closed at $18.33 yesterday.

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