Upwork Inc. (UPWK) PT Raised to $25 at Goldman Sachs

Goldman Sachs analyst Eric Sheridan raised the price target on Upwork Inc. (NASDAQ: UPWK) to $25.00 (from $23.00) while maintaining a Buy rating.

The analyst comments: "Shorter-term, we expect investor debates to center around Q1 guide and implied rate of change through the year when measured against the FY25 guide (macro, seasonality, conservatism, etc.). Looking long term, we frame Upwork in terms of a few key themes: 1) returning to higher levels of normalized growth over time with management executing against a large and growing TAM as the future of work evolves and companies look to adopt hybrid workforces in the future (especially around new catalysts/opportunities including AI & greater category specialization); 2) continuing to scale both the talent/freelancer and client side of the platform (including growing GSV per client over time and executing against a large Enterprise opportunity long-term outside of current macro conditions); 3) continued product innovation to drive adoption, retention & share of wallet; and 4) deeper commitment to driving profitable growth as prior cost-cutting initiatives drive more durable leverage/margin expansion in the coming years."

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