Ronald Josey, an analyst from Citi, maintained the Hold rating on Upwork (UPWK – Research Report). The associated price target is $18.00.
Ronald Josey has given his Hold rating due to a combination of factors that reflect both positive developments and ongoing challenges for Upwork. The company’s first-quarter results exceeded expectations, with revenue and EBITDA surpassing consensus estimates. Additionally, Upwork’s gross services volume (GSV) showed growth, particularly in AI-related services and among larger clients, indicating a positive shift in client mix.
However, despite these encouraging results, macroeconomic challenges continue to impact the company’s visibility, leading to a balanced risk/reward scenario for investors. The analyst maintains a Neutral/High Risk rating, reflecting the uncertainty in the broader economic environment and its potential effects on Upwork’s performance. The target price has been adjusted to $18, considering these factors.
UPWK’s price has also changed slightly for the past six months – from $14.390 to $13.320, which is a -7.44% drop .