Upwork price target lowered to $13 from $19 at Roth MKM

Roth MKM lowered the firm’s price target on Upwork to $13 from $19 but keeps a Buy rating on the shares. The firm cites the company’s “disappointing” Q2 results and reduced FY24 outlook amid growing macro headwinds since mid-May, the analyst tells investors in a research note. Despite a step down in new customer activity however, Upwork continued traction with AI gigs, Enterprise, and Advertising, the firm added.