BTIG analyst Marvin Fong downgraded Upwork to Neutral from Buy without a price target. With the shares up 41% year-to-date, the catalysts have played out with Upwork making a take rate-accretive changes to its commission structure earlier this year as well slashing its fiscal 2023 brand marketing spend, the analyst tells investors in a research note. The firm now believes the Upwork’s valuation adequately reflects the company’s positives, making the risk/reward balanced.
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