Needham analyst Scott Berg reiterated a Buy rating and $4.50 price target on Upland Software (NASDAQ: UPLD).

The analyst commented: "Upland inadvertently reported preliminary 1Q26 results that were broadly in-line with our expectations including a modest (+0.4%) revenue beat and in-line adjusted EBITDA. However, FCF was very healthy in the quarter at $5.5 million. The 1Q prelim results were part of the company's ARS filed Tuesday. We view results as modestly positive given Upland's history of roughly in-line results with signs that organic revenue growth continues to trend in the right direction."

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Shares of Upland Software closed at $0.59 yesterday.