RBC Capital lowered the firm’s price target on Upwork to $11 from $15 and keeps a Sector Perform rating on the shares. The company had a tough quarter that saw the macro environment noticeably soften into July which, combined with some self-inflicted changes, drove a reset of expectations for the year, the analyst tells investors in a research note. There is still too much downside risk to get more constructive as the strong correlation of Upwork’s demand to broader labor softness continues challenging the view that it is either secular or countercyclical, the firm added.
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